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Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $2,500 purchase option is

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Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $2,500 purchase option is reasonably certain to be exercised at the end of the five-year lease. The asset has an expected economic life of eight years. Lease Payment Cash Payment Effective Interest Decrease in Balance ?? Outstanding Balance 43,900 34,380 27,101 19,398 11, 156 ?? 9,600 9,600 9,600 9,600 9,600 2,500 N 2,401 1,897 1,358 7,199 7,703 8, 242 un ?? 164 2,336 What is the outstanding balance after payment 5

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