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. Cash Payment Effective Interest Decrease in balance Payment 1 2 3 4 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 5 5,861 5,406 4,900 4,339 3,717 3,026 2,258 ? Outstanding Balance 63,282 53,282 49,143 44,549 39,449 33,788 27,505 20,531 12,789 ? ? 10,000 4,139 4,594 5,100 5,661 6,283 6,974 7, 742 ? ? 6 7 8 9 10 ? What is the outstanding balance after payment 9? (Round your answer to the nearest whole dollar.) 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. Cash Payment Effective Interest Decrease in balance Payment 1 2 3 4 5 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 5,089 5,598 6,158 6,774 7,451 8,196 9,016 ? 6,911 6,402 5,842 5, 226 4,549 3,804 2,984 ? ? Outstanding Balance 81,108 69,108 64,019 58,421 52, 263 45,489 38,038 29,842 20,826 ? ? 6 7 8 9 10 ? What is the total effective interest paid over the term of the lease