On January 1, 2021, Duluth Trading Co. issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: Payment CashPayment EffectiveInterest Increase inBalance OutstandingBalance 6,286,574 PMT1 370,000 377,194 7,194 6,293,768 PMT2 370,000 377,626 7,626 6,301,394 PMT3 370,000 378,084 8,084 6,309,478 PMT4 370,000 378,569 8,569 6,318,047 PMT5 370,000 379,083 9,083 6,327,130 PMT6 370,000 379,628 9,628 6,336,758 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ PMT38 370,000 432,132 62,132 7,264,327 PMT39 370,000 435,860 65,860 7,330,187 PMT40 370,000 439,813 69,813 7,400,000 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?