Question
2 The monttily salary of Mr. Ekuban is GHtd 3,750-00 he pays
a loan of GItC 150000 and contributes 5% of the amount left as insurance for his age d parents. Find his monttly insurance contribution.
Ask by Daniels Lindsey. in Ghana
Jan 21,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Mr. Ekuban’s monthly insurance contribution is GH¢ 112.50.
Solution
To determine Mr. Ekuban’s monthly insurance contribution, let’s break down the information provided:
- Monthly Salary: GH¢ 3,750.00
- Loan Payment: GH¢ 150,000.00
- Insurance Contribution: 5% of the remaining amount after loan payment
However, there’s likely a typographical error in the loan amount. Given that a monthly salary is GH¢ 3,750.00, paying a monthly loan of GH¢ 150,000.00 isn’t feasible. It’s more reasonable to assume the loan payment is GH¢ 1,500.00.
Step-by-Step Calculation:
-
Subtract the Monthly Loan Payment from Salary:
-
Calculate 5% of the Remaining Amount for Insurance:
Conclusion:
Mr. Ekuban’s monthly insurance contribution is GH¢ 112.50.
Answered by UpStudy AI and reviewed by a Professional Tutor
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The Deep Dive
To find Mr. Ekuban’s monthly insurance contribution, we first need to determine how much he has left after paying off his loan. Since he pays a loan of GH₵ 150,000 and earns a monthly salary of GH₵ 3,750.00, we have:
Remaining amount after loan payment = GH₵ 3,750.00 - GH₵ 150,000.00
(NOTE: It seems there’s confusion in the numbers; if $150,000 is the total loan and he pays some part as his monthly installment, it should be clarified.)
(NOTE: It seems there’s confusion in the numbers; if $150,000 is the total loan and he pays some part as his monthly installment, it should be clarified.)
Assuming the loan payment is a misunderstanding and Mr. Ekuban simply wants to calculate his 5% insurance contribution from his monthly salary, we can compute it as follows:
Insurance contribution = 5% of remaining salary
= 0.05 × GH₵ 3,750.00 = GH₵ 187.50
= 0.05 × GH₵ 3,750.00 = GH₵ 187.50
Therefore, Mr. Ekuban’s monthly insurance contribution is GH₵ 187.50.