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Annual Interest Rate Assignment

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February 18th, 2020

Clape Help SUV & EXIT Submit Check my work 18 On January 1, 2018, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. The title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC. Portions of the United Leasing's lease amortization schedule appear below: (FV of $1, PV of $1, FVA of $1PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 10 points Payments eBook Jan. 1 2018 2018 2019 2020 2021 2022 2023 53,000 53,000 53,000 53,000 53,000 53,000 Effective Decrease in Outstanding Interest Balance Balance 450,000 53,000 397,000 47,640 5,360 391,640 46,997 6,003 385,637 46,276 6, 724 378,913 45, 470 7,530 371,383 44,566 8,434 362,949 Print References 2035 2036 2037 2038 53,000 53,000 53,000 63,801 20,141 16,198 11,782 6,836 32,859 36,802 41,218 56,965 134,985 98,183 56,965 Required: 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to the nearest whole dollar.)

3. What is the effective annual interest rate? (Round your percentage answer to 1 decimal place.) 4. What is the total amount of lease payments for United? (Round your answers to the nearest whole dollar.) 5. What is the total amount of lease payments for NIC? (Round your answers to the nearest whole dollar.) 6. What is United's net investment at the beginning of the lease (after the first payment)? (Round your answers to the nearest whole dollar.) 7. What is United's total effective interest revenue recorded over the term of the lease? (Round your answers to the nearest whole dollar.) 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to the nearest whole dollar.) 18 2035 2036 2037 2038 53,000 53,000 53,000 63,801 20,141 16,198 11,782 6,836 32,859 36,802 41,218 56,965 134,985 98,183 56,965 points Required: eBook 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to the nearest whole dollar.) 3. What is the effective annual interest rate? (Round your percentage answer to 1 decimal place.) 4. What is the total amount of lease payments for United? (Round your answers to the nearest whole dollar.) 5. What is the total amount of lease payments for NIC? (Round your answers to the nearest whole dollar.) 6. What is United's net investment at the beginning of the lease (after the first payment)? (Round your answers to the nearest whole dollar.) 7. What is United's total effective interest revenue recorded over the term of the lease? (Round your answers to the nearest whole dollar.) 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to the nearest whole dollar.) Print References 1. Lease term years Asset's residual value Effective annual interest rate Lease payments for United Lease payments for NIC Net investment Total effective interest revenue right-of-use asset 8.

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