Answer:
Annual premium = $1,500 per year
Quarterly premium = $375 per quarter
Explanation:
Given:
Insured amount of term insurance plan = $15,000
Number of year = 10 year
Find:
Annual premium
Quarterly premium
Computation:
Annual premium = Insured amount of term insurance plan / Number of year
Annual premium = $15,000 / 10
Annual premium = $1,500 per year
Quarterly premium = Insured amount of term insurance plan / Number of quarter in 10 year
Quarterly premium = 15,000 / (10 x 4)
Quarterly premium = 15,000 / 40
Quarterly premium = $375 per quarter