Chec 37 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. 2 points Payment Cash Payment Effective Interest 8 02:05:30 Decrease in balance 1 2 3 4 5 6 7 8 9 10 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 0 8,951 8,346 7,667 6,907 6,056 5,103 4,035 ? ? 14,000 5,049 5,654 6,333 7,093 7,944 8,897 9,965 ? ? Outstanding Balance 88,595 74,595 69,547 63,893 57,560 50,467 42,523 72,626 23,661 ? ? What is the effective annual interest rate? (Round final answer to the nearest whole percentage.) 37 Multiple Choice 2 points 12% 2 02:05:17 10% 14%. 9%