Question

Mini wants to buy a scooter for Rs 62,000 . She has only Rs 19,000 with her, so she decides to take a loan from a bank for the remaining amount. The bank offers Mini three loan schemes as shown below. Mini has to return the loan amount with interest in equal monthly instalments

2) Which among the given schemes offers a monthly instalment of less than Rs 5000. ?

a) Scheme A
b) Scheme B
c) Scheme C
d) Both Scheme A and Scheme B

Answer 1

Option c, Scheme C

Explanation:

scheme A: 45000/6 = 7500 per month

scheme B: 46800/9 = 5200 per month

scheme C: 48000/12 = 4000 per month