Cash Effective Decrease Outstanding Payment Payment Interest in balance Balance 63,282 10,000 10,000 53,282 2 10,000 6,394 3,606 49,676 3 10,000 5,961 4,039 45,638 10,000 5,477 4,523 41,114 5 10,000 4,934 5,066 36,048 10,000 4,326 5,674 30,373 7 10,000 3,645 6,355 24,018 10,000 2,882 7,118 10,000 10 10,000 16,901 ? ? ? ? What is the total effective interest paid over the term of the lease? 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. What is the total effective interest paid over the term of the lease? OC) $53,282. A) $100,000. B) $36,718. O DI $63,282