Question
What is the amount that Sumit spends annually on paying
his loan instalments? 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.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 Loan Instalments = 21000 × 12 = Rs. 2,52,000
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