Justin Company purchased a new piece of equipment on April 5, 2020. The list price was $136,000. Justin paid cash

20 Justin Company purchased a new piece of equipment on April 5, 2020. The list price was $136,000. Justin paid cash of $20,000 and financed the rest on a 1% annual interest note payable requiring 12 quarterly payments of $9,824 starting on July 5th. it is clear that the equipment could have been purchased at a cash price of $125,000. What is the effective interest rate in the transction? Effective rate per quarter