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15 April, 03:53

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

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  1. 15 April, 04:56
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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.
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