Answer: a. 0.00375
Step-by-step explanation:
Lease is the number of months anybody will be leasing.
Money factor is the finance charge that are commonly expressed as a decimal or fraction.
To calculate the money factor we need to divide the interest rate by 2400.
Therefore, if interest rate = 9%
then, the money factor =[tex]\frac{9}{2400}=0.00375[/tex]
Hence, the money factor for a lease with an interest rate of 9%. = 0.00375
