Answer:
0.00375
Explanation:
The money factor for a lease is used to determine how much is charged monthly on a lease payment. If the money factor is low, the lease payment is low making it a good transaction but if the money factor is high, the lease payment is also high and this is not desirable. The money factor is given by:
Money factor = Interest rate / 2400
Given an interest rate of 9%, the money factor is calculated as:
Money factor = Interest rate / 2400 = 9% / 2400 = 0.00375