Question
In: Finance
Matt and Kristin are newly married and living in their first house. The yearly premium on...
Matt and Kristin are newly married and living in their first house. The yearly premium on their homeowner's insurance policy is $300 for the coverage they need. Their insurance company offers a 6 percent discount if they install dead-bolt locks on all exterior doors. The couple can also receive a 4 percent discount if they install smoke detectors on each floor. They have contacted a locksmith, who will provide and install dead-bolt locks on the two exterior doors for $45 each. At the local hardware store, smoke detectors cost $10 each, and the new house has two floors. Kristin and Matt can install them themselves. What discount will Matt and Kristin receive if they install the dead-bolt locks? If they install smoke detectors?
Solutions
Expert Solution
Discount on installing dead-bolt locks = Insurance
premium amount * discount rate
= $300 * 6%
= $18
Discount on installing smoke detectors = Insurance
premium amount * discount rate
= $300 * 4%
= $12
jeff jeffy answered 2 years agoRelated Solutions
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