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 Cash Payment Effective Interest Increase in Balance 1 NM 292,000 292,000 292,000 292,000 292,000 292,000 3 4 5 6 302,369 302,888 303, 432 304,004 304,604 305,234 Outstanding Balance 6,047,387 6,057,756 6,068,644 6,080,076 6,092,080 6,104,684 6,117,918 10,369 10,888 11,432 12,004 12,604 13,234 38 39 40 292,000 292,000 292,000 355,060 358,213 361,520 63,060 66,213 69,520 7,164,267 7,230,480 7,300,000 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