Question

James Harmon is twenty-five when he takes out $40,000 of twenty-pay life insurance.

How much is his annual premium?
Annual premium = $

If he were to pay semiannual premiums, what would the premium be?
Semiannual premium = $

If he were to pay quarterly premiums, what would the premium be?
Quarterly premium = $

If he were to pay monthly premiums, what would the premium be?
Monthly premium = $

Answer 1

21.27*40= Annual premium is 850.8 51% of 850.8 is 433.9 ---> semi annual his quarterly is 26% of 850.8 so 221.2 and finally his monthly premium is 9 percent of 850.8 so it's 76.57

Answer 2

Annual premium = $8,508.00

Semiannual premium = $4,339.08

Quarterly premium = $2,212.08

Monthly premium = $765.72

Step-by-step explanation:

Annual premium = $ 8,508.00

=$40,000*21.27/100

=$ 8508.00

Semiannual premium = $ 4,339.08

=$ 8508.00*56/100

=$4,339.08

Quarterly premium = $ 2,212.08

=$ 8508.00*26/100

=$ 2,212.08

Monthly premium = $765.72

=$ 8508.00*9/100

=$ 765.72