Orion Ltd entered into a finance lease agreement with Cygnus Ltd on $1$ January $2022.$ Orion Ltd$$s year end is $31$ December. The terms of the lease agreement are as follows:

Annual instalment payable in arrears: N$$75,760$

Guaranteed residual value: N$$50,000$

Unguaranteed residual value: N$$5,000$

Lease term: $5$ years

Fair value of leased asset: N$$280,000$

On this date, the economic useful life is estimated at eight years.

Required

$($a$)$ Calculate the interest rate implicit in lease agreement.

$($b$)$ Calculate the present value of minimum lease payments.

$($c$)$ Prepare the amortisation table for the lessee, using the present value calculated in $($b$).$