Payment Cash Payment Effective Interest Decrease in balance Outstanding Balance 69,611 1 11,000 11,000 58,611 2...

Payment	Cash Payment	Effective Interest	Decrease in balance	Outstanding Balance
				69,611
1	11,000		11,000	58,611
2	11,000	7,033	3,967	54,644
3	11,000	6,557	4,443	50,201
4	11,000	6,024	4,976	45,225
5	11,000	5,427	5,573	39,652
6	11,000	4,758	6,242	33,410
7	11,000	4,009	6,991	26,419
8	11,000	3,170	7,830	18,589
9	11,000	?	?	?
10	11,000	?	?	?

What is the total effective interest paid over the term of the lease?

Multiple Choice

$110,000.
$58,611.
$69,611.
$40,387.

Expert Solution

ekkarill92 answered 2 years ago

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