Ray Charles, 35 years of age, is applying for a policy with a face amount of $200,000.

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Question:

Ray Charles, 35 years of age, is applying for a policy with a face amount of $200,000. The rate used by the company is $6 per $1,000 of insurance for this kind of policy. The policy fee charged by the company is $120. If Ray Charles wants to pay the premiums on a monthly basis, and the modal factor used by the company for monthly payments is 0.09,

What is the monthly premium for the policy?