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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…

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…
asked 185k views
2 votes
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

asked
User Jimjampez
by
7.7k points

1 Answer

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

He would pay 4800 each of year.

answered
User Dulguun Otgon
by
8.6k points
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