Question

Tony owns a house valued at $147,000 and household good valued at $16,000. He insures the house and contents for their full value at the rate of $0.42 per $100. How much is Tony’s annual premium?

Answer 1

Answer: Tony's annual premium is $684.60

Explanation:

147,000 + 16,000 = 163,000

163,000 / 100 = 1,630

1,630 x .42 = 684.60

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