Victoria North Minerals could purchase a equipment equipment outright from a dealer for $71,000. The same equipment is also advertised for lease by the dealer at $4,785 per quarter, payable at the beginning of each quarter for 4 years. The residual value of the equipment is $23,000 after the lease. That is, Victoria North could purchase the equipment for $23,000 at the end of the lease if they choose to. What nominal interest rate compounded monthly did the dealer factor into the lease?

Choose calculator mode: Select an answer BGN END Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report I/Y accurate to 3 decimal places.

P/Y =

C/Y =

N =

I/Y =

PV = $

PMT = $

FV = $