Computer Advance for Central Government Employees : Rate of Interest 11.5%
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How to calculate the interest amount for Computer Advance |
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Computer Advance for Central Government Employees How to calculate the interest amount for Computer Advance… In this modern world, things became essential for day to day life which was once a dream for ordinary people in the past years. Before ten years, buying a computer was an uphill task but it became an important part now a days in each and every houses.
But, the rate of interest for the ‘Computer Advance’ given for the Central Government Employees remains the same. An interest rate of 11.5% p.a. is The advance amount of the Rs.30,000 will be recovered in 5 years through monthly deductions and the interest amount of Rs.8600 which is more… We, on behalf of all Central Government Employees urge the JCM members to recommended the decreasing or eliminating this rate of interest. If an employee receive Rs.30,000 as Computer Advance, calculate the interest amount in two methods, one is Formula method and other is IBB method. Formula Method:- Date of Advance : 1.1.2008 No. of Instalments : 60 Months Rate of Interest : 11.5% Formula : n/2 (a+1) x r/100 x 1/12 Interest Calculation = 60/2 (30,000) x 11.5/100 x 1/12 = Rs.8769
IBB Method :-
Interest Calculation = 915000/100 x 11.5/100 x 1/12 = Rs.8769 |
July 28, 2010
Tags: Advances, central government employees news, Computer Advance, How to Calculate, Interest
Posted in: 6-CPC, CCS Rules, Uncategorized

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