Answered

At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Guillermo just purchased a house for $625,000. His annual homeowner’s insurance premium is $0.52 per $100 of value. If his annual premium is divided into equal monthly payments, what will Guillermo have to pay on a monthly basis to keep his home insu

Sagot :

adioabiola

The amount which Guillermo will have to pay on a monthly basis to keep his home insurance is; $270.83

Insurance premium

From the information given;

  • His annual homeowner’s insurance premium is $0.52 per $100 of value.

In essence, his annual home owner insurance premium is 0.52% of the house value and can be evaluated as follows;

  • 0.52% of $625,000 = $3,250.

Therefore, his annual premium is set at $3,250.

However, we are required to determine what will Guillermo have to pay on a monthly basis.

Therefore, we have; $3,250 spread equally over 12 months.

Therefore, we have; $3,250/12 = $270.83

Read more on insurance premium;

https://brainly.com/question/9696972

anthougo

The amount that Guillermo will pay monthly to keep his home insurance is $270.83.

What is an insurance premium?

An insurance premium is a charge that the insurer demands from the insured periodically as part of the pooling of risks under an insurance contract.

Data and Calculations:

House value = $625,000

Insurance premium rate = $0.52 per $100

Annual premium = $3,250 ($625,000 x $0.52/$100)

Monthly premium = $270.83 ($3,250/12)

Thus, the amount that Guillermo will pay monthly to keep his home insurance is $270.83.

Learn more about insurance premiums at https://brainly.com/question/25280754

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.