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Practice each question, then open the answer or worked solution.
How much money does the group collect each month?
Solution:-
There are twenty fisherwomen in the Women’s ‘Meenkar Bank’.
Each saves ₹ 25 every month.
So, the total money collected in the bank each month = 20 × 25
= ₹ 500
How much money will be collected in ten years?
Solution:-
So, from the above solution, the total money collected in the bank per month = ₹ 500
Then, the total money collected in the bank in one year = 12 × 500
= ₹ 6000
Now, the total money collected in the bank in 10 years = 6000 × 10
= ₹ 60000
Practice time
Gracy needs money to buy a net. Jhansi and her sister want to buy a log boat. So they take a loan from their bank. They will return it with interest.
a) Gracy took a loan of Rs 4000 to buy a net. She paid back Rs 345 every month for one year. How much money did she pay back to the Bank?
Solution:-
From the question, it is given that
Gracy took a loan of ₹ 4000 to buy a net.
She paid back ₹ 345 every month for one year.
Then,
The total money she paid in one year to the bank = 12 × 345
= ₹ 4,140
b) Jhansi and her sister took a loan of Rs 21,000 to buy a log boat. They paid back a total of Rs 23,520 in one year. How much did they pay back every month?
Solution:-
From the question, it is given that
Jhansi and her sister took a loan of Rs 21,000 to buy a log boat.
They paid back a total of ₹ 23,520 in one year.
Then,
The total amount they pay back every month = ₹ 23,520/12
= ₹ 1,960