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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 Effective Decrease Outstanding Payment Payment Interest in balance Balance 75,939 12, 000 12, 000 63,939 12, 000 7, 673 4,327 59, 612 12, 000 7, 153 4, 847 54, 765 12, 000 6, 572 5,428 49, 337 12, 000 5,920 6, 080 43, 257 12, 000 5, 191 6, 809 36, 448 LD CO 12, 000 4, 374 7, 626 28, 822 12, 000 3, 459 8, 541 20, 281 12, 000 10 12, 000 What Is the effective annual Interest rate? (Round final answer to the nearest whole percentage.) Multiple Choice O 9%. O 10% O 12% 14%