Linespread and Leading

[Bruce Pourciau]

Typographers generally measure type size and leading in points --  
they might say, for example, that they have set Adobe Palatino 10/12,  
that is, in 10 point type with 2 points of lead. Does anyone know the  
default leading used for the standard LaTeX letter and article  
classes, assuming the default 10 pt type size? If the default is  
10/12, say, would \linespread{1.05} increase the leading to 10/12.6?  
(I'm using a new installation gwtex and have \usepackage[osf] 
{mathpazo} in the preamble, if that matters.)

Thanks for the help.
Bruce