Computer Advance for Central Government Employees ...And the rate of Interest 11.5% - ALLCGNEWS

Central Government Employment News

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28 July 2010

Computer Advance for Central Government Employees ...And the rate of Interest 11.5%

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
 

 
Source - cgstaffnews

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