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The phrase "amount is based" is correct and usable in written English.
It can be used when discussing the foundation or criteria upon which a certain amount is determined or calculated.
Example: "The total amount is based on the number of hours worked and the hourly rate."
Alternatives: "amount is determined" or "amount is calculated".
Exact(16)
The amount is based on a formula in Mr. Katz's contract.
The total loan amount is based on the property's appraised value once the repairs are completed.
This amount is based on a budget prepared by the interior design firm and is not an actual bid proposal for labor and materials.
The actual amount is based on a formula that takes into account each district's wealth, the number of students receiving free and reduced-price lunches, and the portion of the district budget already covered by local taxes.
The actual required amount is based on the results of the estimation.
Their amount is based on the calcium and iron content present in the coal ash.
Similar(44)
The amount was based on the amount of shares owned.
That amount was based on his pay at the time of his conviction, without being adjusted for interest or inflation.
The amount was based on a complex formula tied to their compensation, ranging from a minimum of $5,000 for retired partners to $3.5 million for the firm's highest-paid lawyers.
The amount was based on a complex formula tied to their income, ranging from a minimum of $5,000 for retired partners to $3.5 million for Dewey's highest-paid partners.
Mr. Lewis said New York's average closing costs still led the nation last year, at $3,867, but that amount was based on settlements in New York City, whereas this year's estimates were based on mortgages closed in Buffalo, where the average mortgage amount is far less and where mortgage taxes are lower.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com