Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancellable.

Outstanding balance prior to payment 1 is $63,282.

Payment	Cash Payment	Effective Interest	Decrease in Balance	Outstanding Balance
1	10,000	0	10,000	53,282
2	10,000	6,394	3,606	49,676
3	10,000	5,961	4,039	45,638
4	10,000	5,477	4,523	41,114
5	10,000	4,934	5,066	36,048
6	10,000	4,326	5,674	30,373
7	10,000	3,645	6,355	24,018
8	10,000	2,882	7,118	16,901
9	10,000	?	?	?
10	10,000	?	?	?

What is the outstanding balance after Payment 9?