1. The annual premium on an insurance policy is $1,200. First, find the premium per period if payments are made monthly. Then, use the table below to find the total annual cost.
$1,424.42
$1,342.15
$1,201.12
$1,307.52
Modes of Payment
Semi-annually
Quarterly
Monthly
Premium Factor
0.51
0.26
0.0008