If the lease factor is given as 0.00065, what interest rate is that equivalent to?

Question

Business

Izayah Bridges

25 February, 05:10

If the lease factor is given as 0.00065, what interest rate is that equivalent to?

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Answers (1)

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Jaden Brock · Answer 1

As a handy tip, we were told that in order 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 = (0.00065) (2400) = 1.56%

Thus, the answer for this item is 1.56%.