If the lease factor is given as 0.0030, what interest rate is that equivalent to?
2 answers:
Answer: Interest rate would be 7.2%.
Step-by-step explanation:
Since we have given that
Least factor = 0.0030
We need to find the interest rate:
To get interest rate from least factor, we need to multiply the least factor with 2400.
so, it becomes,

Hence, Interest rate would be 7.2%.
Answer:
The interest rate is 0.30%.
Step-by-step explanation:
Decimal = 0.0030
The interest rate is out of 100.
So multiply the decimal by 100 and divide by 100 to get the interest rate.
0.0030 * 100
------------------- = 0.30/ 100
100
So the interest rate is 0.30%.
Hope you will understand the concept.
Thank you.
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