Question

Jack King pays a $496.00 premium annually. This represents 40% of the total premium. The rest of the premium is paid by his employer. Calculate: A. the company's percentage B. the total premium C. the company's payment

Answer 1

A.

Since Jack King pays 40% of the annual premium and REST is paid by the company, 100%-40%=60% is paid by the company.

B.

Let the total premium be T. We can set up an equation from the information given. We know 496 is 40% of the total. So we can write:

$496=0.4 T$. Solving for total, T, gives us,

$\frac{496}{0.4} =1240$. So the total premium (paid by Jack and the company) is $1240.

C.

Since 1240 is the total and Jack pays only 496, the REST is paid by the company.

Company's payment = $1240-496=744$ dollars.

ANSWER:

A. 60%

B. $1240

C. $744