Accounting for Leases

Determining the Implicit Rate in the Lease

Assume that you are given the following information for a lease $($with payments due on January $1$ of each year$)$:

$\backslash$table$[[$Years of lease,$5],[$Lease payments per year,$60,000],[$Fair value of the underlying asset,$$,500,000$

What is the implicit rate in the lease? With formal please