6. Grace and Ramos Ramirez plan to purchase a homeowner's insurance policy in the amount of $120,000 to cover their household furnishings in their new 4,000 square foot home. Their insurance company quoted them $3.20 per $1,000 for the coverage. What is the cost of the annual premium?

7. Jason boards his three horses outside the city by renting pasture. There is a locked tack room on the property where he keeps his saddles, blankets, harnesses, and other equipment. His homeowner's policy on his residence in the city coves both his house and the tack room. His home is valued at $140,000. What is the annual premium he will pay quoted $2.80 per $1,000?