On January 1, 2021. Tennesse Harvester Corporation issued debenture bonds pay interest semiannually on June 30 and December 31. Portions of the bond amorization schedule appear below:

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: Payment 1 AND 38 39 40 Cash Payment 352,000 364,500 352,000 365,125 352,000 365,781 366,470 367,194 367,954 352,000 352,000 352,000 1 352,000 352,000 352,000 Effective Interest 1. 2 13 Term in maturity Face amount Initial selling price 428,018 431,819 435,808 Increase in Balance 12,500 13,125 13,781 14,470 15,194 15,954 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? 76,018 79,819 83,808 Outstanding Balance 7,290,000 7,302,500 7,315,625 7,329,406 7,343,876 7,359,070 7,375,024 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? 8,636,373 8,716,192 8,800,000 vears