1. % Increase = (6.58-4.80)*100/4.80 = 37.083
2. 1125 + 0.262*1125 = $1419.75
1419.75 - 1125 = $294.75 Saved when paid
annually.
Hi. I have a few math questions I need some help with.
Hamid Husain took out a $50,000, 5-year term policy at age 50. The premium per $1,000 was $4.80. He will be 55 years old this year. The premium per $1,000 will be $6.58. What is the percent increase?
MY ANSWER 37.0833% (not sure if I need to round this)
Shonetta Woods has a limited payment insurance policy with an annual premium of $1,125.00 until age 65. She pays the premium quarterly at an increased rate of 26.2 percent per quarter. How much money can Shonetta save in one year by paying the premium annually?
MY ANSWER $54
Jarell Tarver purchased a $2000 bond at the quote dprice of 75 1/2. The bond paid interest at a rate of 6%. What is the annual interest?
MY ANSWER $120
Are my answers correct? Thank you!!
1 answer
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