Jay took out a small-business loan for 210,000. The terms of the loan are 5% annual interest for four years.
2 answers:
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Premium rates are usually for premium per fixed face value. Jade's annual premium for a 10 year policy is given by Option b: $1,202
<h3>How to calculate the total annual premium for $x ?</h3>If its given that the annual premium is $p per $y face value, then we can calculate the annual premium for $1 face value and then use it to calculate annual premium for $x.
Using proportions, we get:
For given case, from the tables, we see that for age 34, and 10 year life insurance for female gender , there is annual premium of 6.01 per $1000 face value.
Thus, we have p = 6.01, y = 1000
Since Jade wants to buy Life insurance for $200,000, thus, x = $200,000
Putting it in the above derived formula, we get:
Thus, Jade's annual premium for a 10 year policy is given by Option b: $1,202
Learn more about calculating annual premium cost here:
Answer:
Step-by-step explanation:
All the variables on the right are being multiplied together then the whole mess is being divided by 2. Let's get rid of the 2 first. The undoing of division is multiplication, so we will begin by multiplying both sides by 2 to get
Next we will move the m. The undoing of multiplication is division. So we divide both sides by m to get
The undoing of a square is to take the square root, so we will do that to both sides giving us, finally