ont Elective Interest Decrease in Ichegg.com Help Save & Exit Subrr 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 Payment Decrease in balance 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 7,487 6,935 6,329 5,662 4.928 13,000 5,513 6,065 6,671 7.338 8,072 8,879 9,767 Outstanding Balance 87,867 74,867 69,354 63,289 56,618 49,280 41,208 32,329 22,562 4,121 3.233 What is the effective annual interest rate? (Round final answer to the nearest whole percentage.) Multiple Choice Connect Ment Cash Payment Elective interest Decrease in Cheon.com Help Save & Exit Sub 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 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 8,527 7,925 7,257 6,515 5,692 4,778 3,763 14,000 5,473 6,075 6,743 7,485 8,308 9,222 10,237 Outstanding Balance 91,519 77,519 72,046 65,971 59.228 51,743 43, 434 34,212 23,975 What is the outstanding balance after payment 9? (Round your answer to the nearest dollar) Multiple Choice $1,363. What is the outstanding balance after payment 9? (Round your answer to the nearest dollar.) Multiple Choice $11,363. $12,612. $23,975. $7,000