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Mark and Connie are insure for 80% of the replacement value of their home, which is valued at $245,000. How much is the policy amount on their house?

Answer :

Mhanifago

Answer:

  • $196000

Step-by-step explanation:

  • Value of the home = $245000
  • Insurance = 80%

Policy amount:

  • $245000*80/100 = $196000
Semsee45go

Answer:

$196,000

Step-by-step explanation:

Given information:

  • Value of home = $245,000
  • Insurance replacement percentage = 80%

To find the policy amount on their house, find 80% of the value of the home:

[tex]\begin{aligned}\sf Policy\:amount & = \sf 80\%\:of\:245000\\\\& = \sf \dfrac{80}{100} \times 245000\\\\& = \sf \dfrac{80 \times 245000}{100}\\\\& = \sf \dfrac{19600000}{100}\\\\& = \sf 196000\end{aligned}[/tex]

Therefore, the policy amount on Mark and Connie's house is $196,000.

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