1 Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Cash Effective Decrease Outstanding Payment Payment Interest in balance Balance 65,370 10,000 10, een 55,370 2 10, eee 6,091 3,909 51,461 10,000 5,661 4,339 47,122 10,000 5,183 4,817 42,305 5 10, see 4.654 5,346 36,959 6 10.000 4.065 5,935 31,024 10,000 3,413 6,587 24,437 10,000 2,688 7,312 17.125 9 10, eae 2 1e 10,000 ? ? 3 4 7 8 > What is the total effective interest paid over the term of the lease? Multiple Choice $65 370