Computer Advance for Central Government Employees : Rate of Interest 11.5%

  

How to calculate the interest amount for Computer Advance

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
very high as e expressed by the employees.

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 :-

Month

IBB

1

Jan-08

30000

500

32

Aug

14500

500

2

Feb

29500

500

33

Sep

14000

500

3

Mar

29000

500

34

Oct

13500

500

4

Apr

28500

500

35

Nov

13000

500

5

May

28000

500

36

Dec

12500

500

6

Jun

27500

500

37

Jan-11

12000

500

7

Jul

27000

500

38

Feb

11500

500

8

Aug

26500

500

39

Mar

11000

500

9

Sep

26000

500

40

Apr

10500

500

10

Oct

25500

500

41

May

10000

500

11

Nov

25000

500

42

Jun

9500

500

12

Dec

24500

500

43

Jul

9000

500

13

Jan-09

24000

500

44

Aug

8500

500

14

Feb

23500

500

45

Sep

8000

500

15

Mar

23000

500

46

Oct

7500

500

16

Apr

22500

500

47

Nov

7000

500

17

May

22000

500

48

Dec

6500

500

18

Jun

21500

500

49

Jan-12

6000

500

19

Jul

21000

500

50

Feb

5500

500

20

Aug

20500

500

51

Mar

5000

500

21

Sep

20000

500

52

Apr

4500

500

22

Oct

19500

500

53

May

4000

500

23

Nov

19000

500

54

Jun

3500

500

24

Dec

18500

500

55

Jul

3000

500

25

Jan-10

18000

500

56

Aug

2500

500

26

Feb

17500

500

57

Sep

2000

500

27

Mar

17000

500

58

Oct

1500

500

28

Apr

16500

500

59

Nov

1000

500

29

May

16000

500

60

Dec

500

500

30

Jun

15500

500

Jan-13

0

31

Jul

15000

500

915000

15500

Interest Calculation = 915000/100 x 11.5/100 x 1/12

= Rs.8769

  
  

July 28, 2010  Tags: , , , ,   Posted in: 6-CPC, CCS Rules, Uncategorized

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