Help Save Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $2,800 purchase option is reasonably certain to be exercised at the end of the five year fease. The asset has an expected economic life of eight years. Lease Cash Effective Decrease in Outstanding Payment Payment Interest Balance Balance 40,380 8,400 > ?? 31,980 2 8,400 1,599 6,801 25,179 8,400 1,259 7,141 18,038 8,400 902 7,498 5 10,542 8,400 ?? ?? 2,888 133 2,667 What is the total interest paid over the term of the lease? Multiple Choice O $44,800. $2,240 $4,420 $8,076