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%

A money factor is the alternative method of presenting the amount of interest charged on a lease with monthly payments. A money factor can be translated into the more common annual percentage rate (APR) interest by multiplying the money factor by 2,400.

2400 x 0.00354 = 8.496%

so the answer is B