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 $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Payments Jan. 1 2021 2021 2022 2023 2024 2025 2026 43,000 43,000 43,000 43,000 43,000 43,000 Effective Decrease in Outstanding Interest Balance Balance 388,229 43,000 345, 229 37,975 5,025 340, 204 37,422 5,578 334, 626 36,809 6,192 328,435 36, 128 321,563 35, 372 7,628 313, 935 6,872 2038 2039 2040 2041 43,000 43,000 43,000 65, 620 16,314 13,378 10,120 6,503 26,686 29,622 32,880 59,117 121, 619 91,997 59, 117 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.) 7. What is United's 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 whole dollar.)