4. What is the total amount of lease payments for United? 5. What is the total amount of lease payments for NIC? 6. What is United's net investment at the beginning of the lease (after the first payment)? 7. What is United's total effective interest revenue recorded over the term of the lease? 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? Answer is complete but not entirely correct. 20 years 1. $ 35,000 2. 10 % 3. 4. $ Lease term Asset's residual value Effective annual interest rate Lease payments for United Lease payments for NIC Net investment Total effective interest revenue Right-of-use asset 5. $ 6. $ 435,000 435,000 192,501 242,499 192,501 7 $ SIX 8 $