Each of the independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit interest rate.

$\backslash$table$[[,$Situation$],[,1$ Lessee,$2$ Lessor$],[$Lease term,$10$ years,$20$ years$],[$Lessor$\text{'}$s desired,$10\%,12\%$