One customer made a mis of 12 lacs at 7.1% pa. Manual calculation suggests that the payout per month

One customer made a mis of 12 lacs at 7.1% pa. Manual calculation suggests that the payout per month to be rs 7100. But according to cbs it shows as rs 7059. When we escalated the issue to higher authorities, they told that the calcualtion according to cbs is right. What is your opinion guys?

 

Download the wonderful "Financial Calculator India" Android App from https://play.google.com/store/apps/details...

 

For monthly payout compounding factor is yearly and not quarterly. While doing manual calculation you would done it with quarterly compounding I think.

 

In MIS interest is calculated on discounted value, hence CBS is correct

 

Never doubt your own systems .....they r machines and factually they r perfect

 

CBS is correct. You are getting Rs.n7100 /- Because you are calculating it on monthly compounding factor. However for Fixed deposits it's quarterly.