John Johnson is 47. He's purchasing a 20 year endowment insurance, with a face value $20,000. What is his annual premium

Well, the easiest way would be to divide 20,000 from 20 which is 10,00. Meaning he will pay 10,000 every 10 years which is 1,000 a year. So if he pays 1,000 a year we now have to divide 1,000 by 12 which is 83.33 etc. So in estimate he pays 83 dollars a month.