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Sagot :
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
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
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