Question

Sue purchased a $30,000 life insurance policy at the price of $24 for each $1000 of coverage. If she pays the premium in 12 monthly installments, how much is each installment?

Answer 1

Cost of life insurance is $30000 at a price of for each $24 for each $1000 of coverage.

Cost =
`(24)/(1000)*30000`

= $720

Premium is paid each month then it becomes
`(720)/(12)=60`

=$60