calculate amount of annual premium?

Question

Fire insurance (calculate amount of annual premium)

1,) Value of property= $120,000. Amount of coverage desired= 90,000. Premium per $100 of coverage= $.330 Total Premium per year =?

2.) Value Of Prop.= 86,000. Amount of coverage desired= 65,000. Premium per $100 of coverage= .310. Total Premium per year =?

Answer 1

1)
Amount of coverage = 90,000
Premium per $100 of coverage = $0.330
Total premium per year = $0.330 x 90000/100 = $297

2)
Amount of coverage = 65,000
Premium per $100 of coverage = $0.310
Total premium per year = $0.310 x 65000/100 = $201.5