## Calculation of interest on/in savings account, fixed deposit account and recurring deposit account

Calculation of interest on/in savings account, fixed deposit account and recurring deposit account Saving account Interest rate calculation Formula  Daily interest = Amount (Daily balance) * Interest (3.5/100) / days in the year. Earlier method of interest rate calculation  Earlier, banks would pay interest at the rate of 3.5% p.a. on the lowest available balance … Read more

## Calculation of income tax (for salaried person and excluding house rent allowance)

Calculation of income tax (for salaried person and excluding house rent allowance) Salary is made up of various components such as: Basic salary, House rent allowance (HRA), Special allowance Other allowances, reimbursements etc. However, not all of the amount received as salary is fully taxable. A part of it will be fully exempt from tax … Read more

## LCM and HCM

HCM and LCM Factors A factor of a number are all those numbers, which exactly divide the given number. “Exactly divides” means that when a number is divided by its factor the reminder is always  0. For example: 1,2,and 4 are the factors of 4. Multiples Multiples of a number are those numbers which are … Read more