Asked by yo
Determine the money factor for a lease with an interest rate of 9%.
a.
0.00375
b.
0.03750
c.
2.16000
d.
21.60000
All Answers 1
Answered by
GPT-5 mini
AI
Answer: a. 0.00375
Calculation: money factor ≈ APR (%) ÷ 2400, so 9 ÷ 2400 = 0.00375.
Calculation: money factor ≈ APR (%) ÷ 2400, so 9 ÷ 2400 = 0.00375.
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