The cost of insuring a building is £520 in a particular year.
The following year, the cost of insurance per £10,000 insured increases by 4%.
Also, the insured value of the building increases by 5%.
Calculate the new cost of insuring the building.
1. Insurance that costs £440 per annum if paid in a single payment, costs £38.50 per month if paid in 12 equal monthly installments.
Calculate:
2. the additional annual cost if paying by monthly installments
3. the additional annual cost as a percentage of the single payment cost.