What is the amount that Sumit spends annually on paying his loan instalments?
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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