Question

Robbie Morse has a $47,500 insurance policy. The annual premium is $987.53. Robbie pays $90.00 monthly.

Calculate the following. (Use a thousands comma where applicable.)

In twelve months, Robbie pays $___
Robbie pays $___ more monthly than he would annually.
To the nearest percent, Robbie pays ___% more by paying monthly than he would paying annually.

Answer 1

Answer: Robbie pay in twelve months $1080 .

$92.47 more Robbie pay and 9.36 %(Approx) Robbie pay.

Explanation:

As given

Robbie Morse has a $47,500 insurance policy.

The annual premium is $987.53.

Robbie pays $90.00 monthly.

First find out the Robbie pay in twelve months .

Robbie pay in twelve months = 12 × 90

= $ 1080

Second find out how much more does Robbie pay .

Robbie pay extra = Robbie pay in twelve months - annual premium

= $ 1080 - $987.53

= $92.47

Therefore the $92.47 more Robbie pay .

Third find out the what percentage does Robbie pay .

Formula

Robbies pay more = $92.47

Annual premium = $987.53

Put in the above

Percentage = 9.36 % (Approx)

9.36 %(Approx) Robbie pay.