On Dec 31, 2015, Young Corp. signed a noncancelable lease for certain machinery. The terms of the lease called for Young Corp. to make 5 equal annual payments of $10500 at the end of each year, with title to pass to Young Corp. at the end of the lease period. The first payment is made one year after the lease is signed, that is on Dec 31, 2016. The following entries were made on the balance sheet. Liabilities: Dec 31, 2015 Current Capital Lease Obligations: 6,231 What was the interest rate for the lease? | Interest rate: Present value of 5 year Annuity | | 0.06: 4.2124 | | 0.07: 4.1002 | | 0.08: 3.9927 | | 0.09: 3.8897 | | 0.1: 3.7908 | | 0.11: 3.6959 | | 0.12: 3.6048 | | 0.13: 3.5172 | | 0.14: 3.4331 | | 0.15: 3.3522 |

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