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.
|PV = $|
|PMT = $|
|FV = $|
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