On January 1, 2021, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC. Portions of the United Leasings lease amortization schedule appear below: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Jan. 1	Payments		Effective Interest		Decrease in Balance		Outstanding Balance
2021							210,001
2021	18,000				18,000		192,001
2022	18,000		13,440		4,560		187,441
2023	18,000		13,121		4,879		182,562
2024	18,000		12,779		5,221		177,341
2025	18,000		12,414		5,586		171,755
2026	18,000		12,023		5,977		165,778
2038	18,000		4,538		13,462		51,371
2039	18,000		3,596		14,404		36,967
2040	18,000		2,588		15,412		21,555
2041	23,064		1,509		21,555		0

Required: 1. What is the lease term in years? 2. What is the assets residual value expected at the end of the lease term? (Round your answers to nearest whole dollar.) 3. What is the effective annual interest rate? (Round your percentage answer to 1 decimal place.) 4. What is the total amount of lease payments for United? (Round your answers to nearest whole dollar.) 5. What is the total amount of lease payments for NIC? (Round your answers to nearest whole dollar.) 6. What is Uniteds net investment at the beginning of the lease (after the first payment)? (Round your answers to nearest whole dollar.) 7. What is Uniteds total effective interest revenue recorded over the term of the lease? (Round your answers to nearest whole dollar.) 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to nearest who