An insured 25 year old purchased a $60,000, 20-payment life policy with semiannual premiums. Five years later he needed the maximum loan available on the policy. How much more had the insured paid in premiums than he could borrow on the policy? Refer to Tables 12-1 and 12-2. (1 year = 12 months.)

Question

An insured 25 year old purchased a $60,000, 20-payment life policy with semiannual premiums. Five years later he needed the maximum loan available on the policy. How much more had the insured paid in premiums than he could borrow on the policy? Refer to Tables 12-1 and 12-2. (1 year = 12 months.)​

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The Answer of An insured 25 year old purchased a $60,000, 20-payment life policy with semiannual premiums. Five years later he needed the maximum loan available on the policy. How much more had the insured paid in premiums than he could borrow on the policy? Refer to Tables 12-1 and 12-2. (1 year = 12 months.)​

An Insured 25 Year Old Purchased a $60,000, 20-Payment Life