12
QuizMultiple Choice

Housing Options and Related Expenses — Test

Question 12 • Advanced Financial Algebra

Noemi recently purchased a home insurance policy for her new house. The policy has a coverage amount of $⁢250,000 with an annual premium rate of 0.3% How much will Noemi pay annually for her home insurance policy?

Answer
A
750 dollars
B
1 dollars comma 500
C
2 dollars comma 500
D
3 dollars comma 000

Explanation

Convert the annual premium rate of 0.3% to a decimal: 0.003. Multiply the coverage amount by that rate: $250,000 × 0.003 = $750, so Noemi will pay 750 dollars annually, choice A.

AI-written and checked against the verified answer.

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