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15 April, 08:14

Approximate the interest rate for a lease that comes with a money factor of 0.0027. a. 0.65% b. 1.13% c. 6.5% d. 11.25%

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  1. 15 April, 08:31
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    We can calculate the annual interest rate by multiplying the money factor by 2,400. Thus,

    Interest = 2,400 x 0.0027

    Interest = 6.48%

    The answer is C.
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