Exit 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 Payment Payment Effective Interest Decrease in balance Outstanding Balance 90,938 1 13,000 13,000 77,938 2 13,000 7,014 5,986 71,952 3 13,000 6,476 6,524 65,428 4 13,000 5,889 7,111 58,317 13,000 5,249 7,751 50,566 9 13,000 4,551 8,449 42,117 7 13,000 3,791 9,209 32,908 8 13,000 2,962 10,038 22,870 9 13,000 2 2 2 10 13,000 2 ? 2 What is the outstanding balance after payment 9? (Round your answer to the nearest whole dollar.) Multiple Choice $17,985 $7,397