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    Question

    Study the following information carefully and answer the following questions. Mr. Sumit earns an annual income of 18 lakh. Every month he saves 30% of his monthly income. 20% of the remaining amount of his monthly income he spends on paying his loan instalments. He spends 25% of his monthly income by paying various bills and spends 30% of his monthly income on other household expenses. He gives the remaining amount of his monthly income to his family.

    What is the difference between the monthly amount spent

    by Sumit on payment of various bills and the amounts spent by him on loan instalments?
    A Rs. 16,000 Correct Answer Incorrect Answer
    B Rs. 15,500 Correct Answer Incorrect Answer
    C Rs. 15,000 Correct Answer Incorrect Answer
    D Rs. 16,500 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Monthly income Sumit = 18,00,000/12 = Rs. 1,50,000 Monthly savings = 1,50,000 ×  30/100 = Rs. 45,000 Monthly loan instalments = (1,50,000 – 45,000 ) ×  20/100= Rs. 21,000 Various bills = 1,50,000 ×  25/100 = Rs. 37,500 Household expenses = 1,50,000 ×  30/100 = Rs. 45,000 Monthly income given to his family = 1,50,000 – 45,000 – 21,000 – 37,500 – 45,000 = Rs. 1500 The difference between the monthly amount spent by Sumit on payment of various bills and the amounts spent by him on loan instalments: 37,500 - 21,000 = Rs. 16,500

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