Tina Parker, a single mother, is 20 years old. She has called on you for an insurance consultation. Her objective is to purchase life insurance protection for the next 10 years while her children are growing up. Tina tells you that she can afford about $250 per year for insurance premiums. You have suggested either a 10-year term policy or a whole life policy. Rounded to the nearest thousand, how much insurance coverage can Tina purchase under each policy? Hint: Divide her annual premium allowance by the rate per $1,000 for each policy.

If she should die in the next 10 years, how much more will her children receive under the term insurance?

If she should live beyond the 10th year, what are her nonforfeiture options with the whole life policy?

and,

You own an a townhome with an assessed value of $185,400. The tax rate is $2.20 per $100 of assessed value.

1. What is the amount of property tax?

2. If the state offers a 4% discount for early payment, how much would the tax bill amount to if you paid

early?

3. If the state charges a mandatory 3.5% penalty for late payments, how much would the tax bill amount to

if you paid late?