Refer to the following lease amortization schedule. The 10 payments are made annually starting with the inception of the lease. Title does not transfer to the lessee and there is no bargain purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable Cash Effective Decrease Interest I Payment Payment in balance Balance 91,519 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 2 8,527 7,925 7,257 6,515 5,692 4,778 3,763 5,473 6,075 6,743 485 8,308 9,222 10,237 72,046 65,971 59,228 51,743 43,434 34.212 23,975 4 5 6 8 9 10 What is the total effective interest paid over the term of the lease? O $91,519. O $48,481 O $140,00o O $77519.
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