Mr Ode has a car valued for 1000 naira what would the insurance be for the car cost if the charge is 5 naira for each 50 naira or part of 50 naira of the value of the car

1,000 * (5/50) = 1,000/10 = 100

(terribly expensive insurance)

Thanks

I mean the 10% of value for premium.

Expensive or not depends upon the value of a naira. Perhaps we should be buying naira and not gold.

As I remember, about 40 Nigerian naira / US dollar

N100.00

To calculate the insurance cost for Mr Ode's car, we need to determine how many 50 naira intervals make up the value of the car and then multiply this number by 5 naira.

First, let's find out how many 50 naira intervals are there in the value of the car:
1000 naira ÷ 50 naira = 20 intervals

The value of the car can be divided into 20 intervals of 50 naira each.

Next, we'll calculate the insurance cost by multiplying the number of intervals by the charge per interval:
20 intervals × 5 naira = 100 naira

Therefore, the insurance cost for Mr Ode's car would be 100 naira.