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. EVA of $1. PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Effective Decrease in Outstanding Jan. 1 Payments Interest Balance Balance 2021 243,635 2021 24,000 24,000 219,635 2022 24,000 19,767 4,233 215,402 2023 24,000 19,386 4,614 210,788 2024 24,000 18,971 5,029 205,759 2025 24,000 18,518 5,482 200,277 2026 24,000 18,025 5,975 194,302 2038 24,000 7,194 16,806 63,129 2039 24,000 5,682 18,318 44,811 2040 24,000 4,033 19,967 24,844 2041 27,000 2,236 24,844 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 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 United's net investment at the beginning of the lease (after the first payment)? (Round your answers to nearest whole dollar.)