## Answers

Payment Date | Lease Payments | Effective Interest | Decrease in Balance | Lease Balance |

01/01/2021 | $123,651 | |||

01/01/2021 | $16,000 | - | $16,000 | $107,651 |

04/01/2021 | $16,000 | $1,077 | $14,923 | $92,728 |

07/01/2021 | $16,000 | $927 | $15,073 | $77,655 |

10/01/2021 | $16,000 | $777 | $15,223 | $62,431 |

01/01/2022 | $16,000 | $624 | $15,376 | $47,056 |

04/01/2022 | $16,000 | $471 | $15,529 | $31,526 |

07/01/2022 | $16,000 | $315 | $15,685 | $15,841 |

10/01/2022 | $16,000 | $158 | $15,842 | $0 |

Total | ||||

Effective Interest = Previous Lease Balance x 4% x 1/4 | ||||

Effective Interest for 04/01/2021 = $107,651 x 1% | ||||

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