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 Leasing's lease amortization schedule appear below. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Effective Interest Payments Decrease in Balance Jan. 1 2021 2021 2022 2023 2024 2025 2026 27,000 3,041 27,000 27,000 27,000 27,000 27,000 27,000 Outstanding Balance 244,813 217,813 214,772 211,397 207,651 203,493 198,877 23,959 23,625 23,254 22,842 22,384 3,375 3,746 4,158 4,616 2038 2039 2040 2041 27,000 27,000 27,000 49,600 10,852 9,076 7.104 4,915 16,148 17,924 19,896 44,685 82,505 64.581 44,685 0 Required: 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to nearest whole dollor.) 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 dollor.)