The interest rate Cindy will be charged with money factor 0.00354 is approximately 8.5% which is option b.
Given The factor included in lease is 0.00354.
Interest is the amount that a bank or person who gives loan charges from loan taker.
Money factor is a method for finding the financing charges on a lease with monthly payments. The money factor can be translated into the annual percentage rate by multiplying the money factor by 2400.
Money factor=0.00354.
So the interest rate that Cindy will charge is equal to 2400*0.00354
The interest rate Cindy will be charged =8.496%
=8.5%
Hence the interest rate charged is approximately 8.5%.
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