If Carissa Dalton has a $136,000 home insured for $105,000, based on the 80 percent coinsurance provision, how much would the in
1 answer:
Answer:
$ 8299.632
Explanation:
Given data in the problem:
The value of the home = $ 136,000
The insured amount of the house = $ 105,000
80% coinsurance provision = 0.8 × $ 136,000 = $ 108,800
Claimed amount = $ 8,600
Therefore, the claimable amount =
= $8299.632
hence, the amount the insurance company will pay = $ 8299.632
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Answer: The final payment would be: $42919,74.
Explanation: To simplify the work we must make a timeline:
0 1 2 3 4 5 6
$6000 $6000 $6000 $6000 $6000 $6000
These would be the normal conditions of the loan.
but if instead of making the 6 payments only one is made at the end:
We must use the FV annuity formula:
6000 × = <u>42919,74</u>