Determine the money factor for a lease with an interest rate of 9%.

Mathematics

2 answers:

snow_lady [41]3 years ago

7 0

Answer: a. 0.00375

Step-by-step explanation:

Lease is the number of months anybody will be leasing.

Money factor is the finance charge that are commonly expressed as a decimal or fraction.

<em>To calculate the money factor we need to divide the interest rate by 2400.</em>

Therefore, if interest rate = 9%

then, the money factor = $\frac{9}{2400}=0.00375$

Hence, the money factor for a lease with an interest rate of 9%. = 0.00375

UNO [17]3 years ago

4 0

A is the correct answer

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