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Money factor is the method for determining the financing charges. The interest rate for a money factor of 0.00027 is 0.65%.
What is the money factor?
The money factor is the method for determining the financing charges on a lease with monthly payments. It is given by the formula,
[tex]\rm Money\ Factor = \dfrac{Interest\ Rate}{2400}[/tex]
As it is given that the money factor is 0.00027, therefore, substituting the value we will get,
[tex]\rm Money\ Factor = \dfrac{Interest\ Rate}{2400}\\\\0.00027 = \dfrac{Interest\ Rate}{2400}\\\\Interest\ Rate = 0.648\% \approx 0.65\%[/tex]
Hence, the interest rate for a money factor of 0.00027 is 0.65%.
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