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sdas [7]
3 years ago
5

max fischer is a beekeeper. his annual group insurance costs 11,700. his employer pays 60% of the cost. how much does max pay se

mimonthly for it?
Business
1 answer:
jasenka [17]3 years ago
6 0

To solve for the semimonthly payments on Max's insurance cost:

Annual insurance rate: $11,700

Employer pays 60%

What is Max's amount to pay?

(11,700)(.60) = $7,020

Max's employer pays $7,020

Max pays $4,680 (11,700-7,020)

If Max pay's $4,680 a year and we want to know but he pays semimonthly, or twice a month then we need to divide his annual payment by 24 since there are 12 months and he pays twice a month.

($4,680/24)= $195

Max pays $195 semimonthly for his insurance.

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