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. The asset has an expected economic life of 12 years. The lease is noncancelable. Payment Cash Payment L23 5009 1 4 6 7 8 10 $ 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 $ 13,000 Effective Interest $0 7,918 7,359 6,738 6,050 5,285 4,437 $ 3,495 ? ? Decrease in Outstanding balance Balance $ 13,000 5,082 5,641 6,262 6,950 7,715 8,563 $ 9,505 ? ? $ 84,982 71,982 66,900 61,259 54,997 -48,047 40,332 31,769 $ 22,264 What is the total effective interest paid over the term of the lease? ? ?

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. The asset has an expected economic life of 12 years. The lease is noncancelable. What is the total effective interest paid over the term of the lease