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.
Personal Computer Interest Calculation 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
Personal Computer Interest Calculation IBB Method :-
Personal Computer Interest Calculation – IBB Method
Interest Calculation = 915000/100 x 11.5/100 x 1/12 = Rs.8769