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Xelga [282]
3 years ago
7

If the lease factor is given 0.00045, what interest rate is that equivalent to

Mathematics
1 answer:
saul85 [17]3 years ago
4 0

To convert the lease factor (also called as money factor) into the equivalent interest rate, we simply have to multiply it with 2,400. So we use the formula:

interest rate = 2,400 * lease factor

Therefore,

interest rate = 2,400 * 0.00045

<span>interest rate = 1.08%               (ANSWER)</span>

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