ISEE Mathematics Achievement Question 47: Answer and Explanation
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Question: 47
5. A house was valued at $83,000 and insured for 80% of that amount. Find the yearly premium if it is figured at $0.45 per hundred dollars of value.
- A. $84
- B. $253
- C. $299
- D. $664
Correct Answer: C
Explanation:
The correct answer is (C). The amount the house was insured for is 80% of $83,000, or $66,400. The insurance is calculated at 45€ per hundred, or $4.50 per thousand of value. Since there are 66.4 thousands of value, 66.4 × $4.50 per thousand equals the yearly premium of $298.80.