Approximate the interest rate for a lease that comes with a money factor of 0. 27. A. 0. 65% b. 1. 13% c. 6. 5% d. 11. 25%.

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01-03-2022
Mathematics

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Approximate the interest rate for a lease that comes with a money factor of 0. 27. A. 0. 65% b. 1. 13% c. 6. 5% d. 11. 25%.

Sagot :

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ap8997154 ap8997154 · Answer 1 · 2022-03-09T06:26:17-05:00

Money factor is the method for determining the financing charges. The interest rate for a money factor of 0.00027 is 0.65%.

What is the money factor?

The money factor is the method for determining the financing charges on a lease with monthly payments. It is given by the formula,

[tex]\rm Money\ Factor = \dfrac{Interest\ Rate}{2400}[/tex]

As it is given that the money factor is 0.00027, therefore, substituting the value we will get,

[tex]\rm Money\ Factor = \dfrac{Interest\ Rate}{2400}\\\\0.00027 = \dfrac{Interest\ Rate}{2400}\\\\Interest\ Rate = 0.648\% \approx 0.65\%[/tex]

Hence, the interest rate for a money factor of 0.00027 is 0.65%.

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Approximate the interest rate for a lease that comes with a money factor of 0. 27. A. 0. 65% b. 1. 13% c. 6. 5% d. 11. 25%.

Sagot :

What is the money factor?

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