The insurance company conducts private insurance business. If the annual insurance premium is calculated at 5% of the insured amount, the total amount of Mr. Wang's private property insurance is 120,000 yuan. How much is the private property insurance premium Mr. Wang needs to pay a year.
保险公司开展私人保险业务，假如年保险费按投保金额的5%计算，王先生私人财产保险总金额为12万元，王先生一年需交私人财产保险费多少万元．
<gadget id="calculator">5 / 100</gadget>
<output>1/20 = around 0.05</output>

<gadget id="calculator">12 * (1/20)</gadget>
<output>3/5 = around 0.6</output>

<result>3/5 = around 0.6</result>