Question

The cost of $500,000 worth of 30-year term life insurance and for Fernando is $170.19 per month. If Fernando's employer covers 95% of this cost, how much is deducted from Fernando's gross income per year for life insurance?

Answer 1

the answer is $102.11 hope this helps!

Answer 2

Fernando will pay $102.114.

Explanation:

If Fernando's gross income should be deducted $170.19 per month for life insurance, then he should be deducted =
`170.19*12=2042.28`

As given, that his employer covers 95% of this amount, Fernando only needs to pay 5% for life insurance.

Getting 5% of $2042.28 we have,

`0.05*2042.28` = $102.114

Therefore, Fernando will pay $102.114.