Answer is 10%Please explain the reasoning and calculations Questions 7-9 are based on the following lease amortization schedule. The five payments aremade annually starting with the inception of the lease. A $2,000 bargain purchase option isexercisable at the end of the five-year lease. The asset has an expected economic life of eightyears.Effective Decrease inBalanceLeaseCashPayment PaymentInterestBalance34,6008,000????26,6008,0002.6605.34021,26015,3868,9252,1265,8748,0008,0001,5396.461??????8,0002,0001821.8181231t56 8. What is the effective annual interest rate?a. 9%.b. 10%.c. 11%.d. 20%.

Lease means where the lessor give right to use the assets to lessee for specified period and in…

Answered: 8. What is the effective annual…

Business

Accounting

8. What is the effective annual interest rate? а. 9%. b. 10%. с. 11%. d. 20%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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7. Find all four stated rate (APR)