New SEBI Grade A IT Stream New Batch Starts on Nov 30. Click Here to Enroll

    Register

    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 spends the remaining amount of his monthly income to his family.

    The amount spent to his family forms approximately what percent of his monthly savings?

    A 5% Correct Answer Incorrect Answer
    B 3% Correct Answer Incorrect Answer
    C 1% Correct Answer Incorrect Answer
    D 7% 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 Required percent = 1500 ×  100/45000= 3.33%

    Practice Next

    Relevant for Exams: