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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: Cash Effective Increase in Outstanding Payment Payment Interest Balance Balance 7,306,018 430,000 438,361 8,361 7,314,379 2 430,000 438,863 8,863 7,323,242 3 430,000 439,395 9,395 7,332, 637 430,000 439,958 9,958 7,342,595 430,000 440,556 10,556 7,353, 151 430,000 441,189 11,189 7,364,340 38 39 40 430,000 430,000 430,000 502,207 506,540 511,133 72,207 76,540 81,133 8,442,327 8,518,867 8,600,000 14 vvvv 430,000 430,000 440,556 441,189 10,556 11,189 7,353, 151 7,364,340 - 38 39 40 430,000 430,000 430,000 502,207 506,540 511,133 72,207 76,540 81,133 8,442,327 8,518,867 8,600,000 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? 1. Face amount 2. 3. years 4. 5 Initial selling price Term to maturity Interest is determined by what approach? Annual interest rate Effective annual interest rate Total cash interest paid Effective interest expense 6. % % 7. 8