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The money factor that will be used to calculate Bob's payment is 0.00333 if the annual percentage rate is 8% option (c) is correct.
<h3>What is money factor?</h3>It is defined as the ratio of the annual percentage rate to 2400. Usually, it can be used to calculating the financing costs of a lease with monthly installments.
Bob is thinking about leasing a car, the lease comes with an interest rate of 8%.
The annual percentage rate(APR) = 8%
We know the formula for finding the money factor is given by:
Money factor = 0.00333
Thus, the money factor that will be used to calculate Bob's payment is 0.00333 if the annual percentage rate is 8% option (c) is correct.
Learn more about the money factor here: