Family Savings Calculation

A family's monthly income is Rs. 60,000, and their monthly expenditure is *Rs. 40,000. They want to buy a car worth **Rs. 5,00,000* in 2 years (24 months). They plan to open a recurring deposit of *Rs. 20,000* per month for 24 months. The family expects to earn an interest of *Rs. 40,000* on their savings by the end of the term.

1. Calculate the total savings the family will have after 24 months.

• Rs. 4,80,000

• Rs. 5,00,000

• Rs. 5,40,000

• Rs. 5,20,000

A family's monthly income is Rs. 60,000, and their monthly expenditure is *Rs. 40,000. They want to buy a car worth **Rs. 5,00,000* in 2 years (24 months). They plan to open a recurring deposit of *Rs. 20,000* per month for 24 months. The family expects to earn an interest of *Rs. 40,000* on their savings by the end of the term.

2. How much will the family save each month from their income?*

• Rs. 10,000

• Rs. 20,000

• Rs. 30,000

• Rs. 40,000

A family's monthly income is Rs. 60,000, and their monthly expenditure is *Rs. 40,000. They want to buy a car worth **Rs. 5,00,000* in 2 years (24 months). They plan to open a recurring deposit of *Rs. 20,000* per month for 24 months. The family expects to earn an interest of *Rs. 40,000* on their savings by the end of the term.

3. After 2 years, how much total money will the family have saved, including the interest from the recurring deposit?*

• Rs. 4,40,000

• Rs. 4,80,000

• Rs. 5,20,000

• Rs. 5,00,000

A family's monthly income is Rs. 60,000, and their monthly expenditure is *Rs. 40,000. They want to buy a car worth **Rs. 5,00,000* in 2 years (24 months). They plan to open a recurring deposit of *Rs. 20,000* per month for 24 months. The family expects to earn an interest of *Rs. 40,000* on their savings by the end of the term.

4. To afford the car worth Rs. 5,00,000, how much more money does the family need after 24 months if they do not open a recurring deposit?*

• Rs. 1,00,000

• Rs. 80,000

• Rs. 20,000

• Rs. 40,000

Scenario:

A family's monthly income is Rs. 60,000, and their monthly expenditure is *Rs. 40,000. They want to buy a car worth **Rs. 5,00,000* in 2 years (24 months). They plan to open a recurring deposit of *Rs. 20,000* per month for 24 months. The family expects to earn an interest of *Rs. 40,000* on their savings by the end of the term.

5. If the family continues their monthly savings scheme beyond 24 months, how much will they accumulate in total if they keep saving Rs. 20,000 per month for 12 more months?*

• Rs. 7,00,000

• Rs. 8,00,000

• Rs. 7,80,000

• Rs. 6,00,000