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Mr. Strauss bought a shipment of goods for $9000. He paid $3000 in cash and agreed to pay the balace in 2 years. In these 2 years, Mr. Strauss paymrnt is $400 per month. What is the annual rate in this
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Mr. Strauss bought a shipment of goods for $9000. He paid $3000 in cash and agreed to pay the balace in 2 years. In these 2 years, Mr. Strauss paymrnt is $400 per month. What is the annual rate in this case

User Jimjampez
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1 Answer

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Annual means 1 year
1 year= 12 months
400 multiplied by 12= 4,800
Annual rate=4800

He would pay 4800 each of year.

User Dulguun Otgon
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