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3 years ago

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Greg just purchased a house for $450,000. His annual homeowners insurance premium is $0.42 per $100 of value. If his annual prem

ium is divided into equal monthly payments, what will Greg have to pay on a monthly basis to keep his home insured? a. $1,890.00 b. $157.50 c. $1,575.00 d. $131.25 Please select the best answer from the choices provided A B C D

1 answer:

sveta [45]3 years ago

4 0

Answer:

$\$157.50$

Step-by-step explanation:

The computation of the amount pay on monthly basis is shown below:

But before that we need to find out the annual amount pay which is to be find out by applying the following formula

$= Purchase\ value \times \frac {insurance\ premium}{percentage}$

where,

Purchase value of the house is $450,000

Insurance premium is $0.42

Percentage is $100

Now put these values to the above formula

So, the annual amount pay is

$= \$450,000 \times \frac {\$0.42}{\$100}$

$= \$1,890$

Now the monthly paying amount is

$= \frac{Annual\ amount\ pay}{total\ number\ of\ months\ in\ a\ year}$

= $\frac{\$1,890}{12\ months}$

$= \$157.50$

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