18 On January 1, 2018, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC Portions of the United Leasing's lease amortization schedule appear below. (Eyo St PVSL EVAo SL P AofS1 EV Dots and PVAD of $1) (Use appropriate factor(s) from the tobles provided.) oints Jan. 1 Payments 2018 2019 2021 244,813 27,8e8 ,041 20207,822,842,616 2818 27,ee0 27,000 202027,008 23,959 23,625 23,254 214,772 211,397 207,651 203,493 198,877 Print 3,375 ,746 4,158 References 202227,000 27,000 22,384 2035 27,090 2036 2037 2838 16,148 10,852.924 19,896 44,685 27,000 9,076 7,184 4,915 82,505 64,581 44,685 27,880 49,600 Required: 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to nearest whole dollar.) 3. What is the effective annual interest rate? (Round your percentage answer to 1 decimal place.) 4. What is the total amount of lease payments for United? (Round your answers to nearest whole dollar) 5. What is the total amount of lease payments for NIC? (Round your answers to nearest whole dollar.) 6. What is United's net investment at the beginning of the lease (after the first payment)? (Round your answers to nearest whole dollor.) 7. What is United's total effective interest revenue recorded over the term of the lease? (Round your answers to nearest whole dollar.) 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to nearest whole