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15 November, 01:03

Lan pays a semiannual premium of $650 for automobile insurance, a monthly premium of $125 for health insurance, and an annual premium of $450 for life insurance.

The monthly expense is $? with explanation

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  1. 15 November, 02:26
    0
    Monthly Expense = $270.83

    Step-by-step explanation:

    The semi-annual premium is paid twice a year so,

    Automobile insurance premium for whole year = 650*2

    = $1300

    Monthly premium will be paid 12 times a year so,

    Health insurance premium for whole year = 125*12 = $1500

    Annual premium is only paid once a year.

    So adding all the premiums will give us the total premiums for whole year.

    Total amount of premium for a year = $1300+$1500+$450

    = $3250

    The premium amount for whole year is $3250. To find the monthly expense, we will divide it by 12.

    So monthly expense is:

    = 3250/12

    = $270.83 ...
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