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 Outstanding Balance Balance 6,576,993 1 246,000 263,080 17,080 6,594,073 2 246,000 263,763 17, 763 6,611, 836 3 246,000 264,473 18, 473 6,630, 309 246,000 265, 212 19, 212 6,649,521 246,000 265, 981 19,981 6,669,502 246,000 266, 780 20, 780 6,690,282 38 246,000 318, 898 72,898 8,045, 344 39 246,000 321, 814 75,814 40 246,000 324,842 78,842 8,121, 158 8,200,000 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?