An insured carries all three classifications of insurance, with a deductible of 500 for collision. The insured paid an annual premium of 1,720 . The insured backed into a car in a parking lot, causing 580 damage to the car of the insured and 1,770 damage to the other car. Compute the amount that the insurance company made from the insured this year.
Question 2
15,00 . (present value) is borrowed today at 12 compounded quarterly. The loan will be amortized over 4 years with equal quarterly payments. Compute the quarterly payments that are required to exactly pay off the loan. Use Tables 23-2A and 23-2B or a calculator.
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