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You have the opportunity to purchase a $150,000 Term life insurance policy for $145 per year for the next four years. Your bank has offered

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You have the opportunity to purchase a $150,000 Term life insurance policy for $145 per year for the next four years. Your bank has offered you credit life insurance in conjunction with a $12,000 four-year (48-month) loan you are applying for. The credit life insurance premium would be a one-time-up-front fee of $325. What is the annual cost per $1,000 of insurance for the term life insurance and the credit life insurance? $0.97 per thousand for Term Life Insurance and $6.77 per thousand for Credit Life Insurance. $6.77 per thousand for Term Life Insurance and $0.97 per thousand for Credit Life Insurance. $0.08 per thousand for Term Life Insurance and $0.18 per thousand for Credit Life Insurance. $0.18 per thousand for Term Life Insurance and $0.08 per thousand for Credit Life Insurance

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