Question

Cindy has decided to lease a car. the lease includes a money factor of 0.00354. what interest rate is cindy being charged in her lease? a. 0.85% b. 8.5% c. 1.475% d. 14.75%

Answer 1

The interest rate Cindy will be charged is approximately 8.5%.

What is money factor?

The money factor or lease factor is a method for determining the financing charges on a lease with monthly payments. The money factor can be translated into the annual percentage rate (APR) by multiplying the money factor by 2,400.

Money factor = 0.00354

So, the interest rate Cindy will be charged = 2400* 0.00354

The interest rate Cindy will be charged = 8.496% ≈8.5%

Therefore, The interest rate Cindy will be charged is approximately 8.5%.

To get more about the money factor visit:

https://brainly.com/question/26432777

Answer 2

Answer:

A) 0.85%

100% on edge

Step-by-step explanation: