Answer :
Answer:
a) Colin pays $1155.36 in 12 months.
b) Colin pays $ 95.36 more than the actual amount.
c) Colin approximately pays 109% amount.
Step-by-step explanation:
The annual premium = $1060
Amount paid monthly = $96.28
So, the total amount paid in 12 months = 12 x $96.28 =$1155.36
So, Colin pays $1155.36 in 12 months.
Now, Difference in the amount = Total amount actually paid - The annual premium
= $1155.36 - $1060 = $ 95.36
So, Colin pays $ 95.36 more than the actual amount.
Now to find the percentage of amount paid = [tex]\frac{\textrm{The amount paid}}{\textrm{The original premium}} \times 100[/tex]
= [tex]\frac{1155.36}{1060} \times 100 = 108.9[/tex]%
So, Colin approximately pays 109% amount.
Answer:
a) 1,155.36
b) 95.36
c) 9%
Step-by-step explanation:
a) 96.28 × 12 = 1,155.36
b) 1,155.36 - 1,060.00 = 95.36
c) 95.36 ÷ 1,060.00 = 0.089 which is 9%