virtualclockwork
Calculators
General
Algebra
Geometry
Coordinate-geometry
Statistics
Calculus
Qna
Math
virtualclockwork
virtualclockwork
Home
General
Algebra
Geometry
Coordinate-geometry
Statistics
Calculus
Qna
Math
MATH SOLVE
Home
General
If the lease factor is given as 0.0016, what interest rate is that equivalent to?
4 months ago
Q:
If the lease factor is given as 0.0016, what interest rate is that equivalent to?
Accepted Solution
A:
to convert the lease factor of a certain amount or transaction to interest rate, we just have to multiply the value by 2, 400.
interest rate = (0.0016)(2400) = 3.84%
the interest rate is 3.84%