Marcie Ann Weber, age 32, takes out $15,000 of a term insurance for a ten year term.

Mathematics

1 answer:

Sergio [31]2 years ago

3 0

Answer:

Annual premium = $1,500 per year

Quarterly premium = $375 per quarter

Step-by-step explanation:

Given:

Insured amount of term insurance plan = $15,000

Number of year = 10 year

Find:

Annual premium

Quarterly premium

Computation:

Annual premium = Insured amount of term insurance plan / Number of year

Annual premium = $15,000 / 10

Annual premium = $1,500 per year

Quarterly premium = Insured amount of term insurance plan / Number of quarter in 10 year

Quarterly premium = 15,000 / (10 x 4)

Quarterly premium = 15,000 / 40

Quarterly premium = $375 per quarter

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