Question

Kit pays an annual premium of $1,575 for automobile insurance, including comprehensive coverage of up to $750,000. He pays this premium for 14 years without needing to file a single claim. Then he gets into an accident during bad weather, for which no one is at fault. Kit is not injured, but his car valued at $51,900 is totaled. His insurance company pays the claim and Kit replaces his car. If he did not have automobile insurance, how much more would have Kit paid for damages than what he had invested in his insurance policy?

$73,950

$50,325

$29,850

$22,050

Answer 1

He paid 14*1575 to the insurance company.
They paid 51900 for a new car.
Subtract the two to find out how much he saved

Answer 2

29,850!

Answer 3

can you please help me with more?

Answer 4

@peachpi

Answer 5

Matthew is a 34-year old medical student. His assets and liabilities are listed below. What is the total value of his assets?

Student Loans $51,884
Car Value $28,840
Savings Account Balance $2,617
Medical Equipment $8,320
Electronic Equipment $9,765
Credit Card Balance $5,749
Checking Account Balance $6,904

Answer 6

Student Loans $51,884
Car Value $28,840 →asset
Savings Account Balance $2,617→asset
Medical Equipment $8,320→asset
Electronic Equipment $9,765→asset
Credit Card Balance $5,749
Checking Account Balance $6,904→asset

Answer 7

the rest are liabilities

Answer 8

Thanks :) what about this? did I get it right?

Answer 9

@peachpi

Answer 10

I don't know about either of those. sorry