a. 0.00375
The money factor (also known as the lease factor) is the equivalent interest rate used to calculate the monthly lease payment in a car lease. It is expressed as a decimal rather than a percentage.
To convert an interest rate to a money factor, divide it by 2400:
Money factor = Interest rate / 2400
In this case, for an interest rate of 8%:
Money factor = 8 / 2400 = 0.00375
So, the money factor for a lease with an interest rate of 8% is 0.00375.