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Annum of paying by monthly installments

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Reference no: EM131085924

Mr Ngoe valued his car at £10,500 and insured it for a net annual premium of £855, which includes a no claims discount of 55%.

(a) Calculate the gross annual premium.

He pays the net annual premium in 12 equal monthly installments, and this means that he pays an additional charge. This increases the total amount he pays by monthly installments to £900.

Calculate

(i) the amount of each monthly installment

(ii) the additional charge per annum of paying by monthly installments

(iii) the additional charge as a percentage of the net annual premium.

Reference no: EM131085924

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