3 On January 1, 2021, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: 25 Payment Cash Payment Effective Interest Increase in Balance 25 Outstanding Balance 7,041,478 points 1 340,000 352,074 12,074 7,053,552 2 340,000 352, 678 12,678 7,066,230 3 340,000 353,311 13,311 7,079,541 eBook 4 340,000 353,977 13,977 7,093,518 5 340,000 354, 676 14,676 7,103,194 Print 6 340,000 355,410 15, 410 7,123, 604 References 24 334 38 340,000 39 340,000 40 340,000 413,426 417,098 420,952 73, 426 77,098 80, 952 8,341, 950 8,419,048 8,500,000 Required: 1. What is the face amount of the bonds? 2. What is the initial selling price of the bonds? 3. What is the term to maturity in years? 4. Interest is determined by what approach? 5. What is the stated annual interest rate? 6. What is the effective annual interest rate? 7. What is the total cash interest paid over the term to maturity? 8. What is the total effective interest expense recorded over the term to maturity?