Arthur bought a $90,000 life insurance policy at $10.98 for a 20-year term. What will he pay over 20 years for the premium?

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Karina

11 March, 05:56

Arthur bought a $90,000 life insurance policy at $10.98 for a 20-year term. What will he pay over 20 years for the premium?

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Lorelei Stone · Answer 1

This is supposing the $10.98 is a fixed rate. Premiums for insurance coverage are typically paid monthly, quarterly or yearly.

Take the $10.98 multiply it by 52 and you'll get $570.96

Take that 570.96 and multiply that by 20

this gives you $11,419.20

and this is the amount Arthur will pay over 20 years for the premium.