Bob is thinking about leasing a car. The lease comes with an interest rate of 8%. Determine the money factor that will be used t

Question

Marina CMI [18]

3 years ago

15

Bob is thinking about leasing a car. The lease comes with an interest rate of 8%. Determine the money factor that will be used t

o calculate Bob’s payment.

Mathematics

2 answers:

skelet666 [1.2K] · Answer 1 · 2022-06-10T14:57:52+03:00

skelet666 [1.2K]3 years ago

8 0

Answer:

C is the correct answer on Edgen.

Step-by-step explanation:

a.0.00033

b.0.00192

c.0.00333

d.0.01920

artcher [175] · Answer 2 · 2022-06-10T13:21:39+03:00

artcher [175]3 years ago

5 0

Money factor is an alternative way in solving leasing problems. money factor can be converted to annual percentage rate ( APR) and vice versa.

APR = 2400 x money factor
so money factor can be solve using
money factor = APR / 2400
money factor = 8% / 2400
money factor = 0.0033333