The following table lists the lease payments, years remaining until the lease expires, and the discount rates:

Remaining term 12 years Discount rate 10% Lease payments $40,000 120,000 9,000 16,000 47,000 18 3 20 12 14 9 E 11 Required: a. Assuming that the lease payments are made at the beginning of each year, calculate the present value of each lease. (marks: 10) b. Calculate the amount interest paid during the remaining term of each lease. (marks: 5) Please show your calculations clearly