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