20 Saved Help Save & Exit Submit 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 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 8,639 8,002 7,303 6,533 5,686 4,755 3,730 15,000 6,361 6,998 7,697 8,467 9,314 10,245 11,270 Outstanding Balance 101,385 86,385 80,024 73,026 65,329 56,862 47,548 37,303 26,033 What is the total effective interest paid over the term of the lease? Multiple Choice $150,000