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		Outstanding 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
4		246,000		265,212		19,212		6,649,521
5		246,000		265,981		19,981		6,669,502
6		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		8,121,158
40		246,000		324,842		78,842		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?