Mississauga East Minerals could purchase a loading equipment outright from a dealer for $69,000. The same equipment is also advertised for lease by the dealer at $983 per month, payable at the beginning of each month for 7 years. The residual value of the equipment is $16,150 after the lease. That is, Mississauga East could purchase the equipment for $16,150 at the end of the lease if they chose to. What nominal interest rate compounded quarterly did the dealer factor into the lease?