On April 1, 2013, Darden Corporation, parent company of Oliver Garden, Red Lobster, Longhorn Steakhouse, and Bahama Breeze, authorized the sale of $8,000,000 of 8% bonds with interest payment dates April 1 and October 1. The bonds were sold on July 1, 2013 and mature on April 1, 2023. The bonds were sold when market rates of interest were 10%. The premium/discount is amortized using the effective interest method.

Can someone please help me with this effective interest payment question I tried looking everywhere to find a similar problem so I could solve it but no luck.

And also I had one more question and that is, is the interest payment on this problem monthly or annually it does not mention that in this problem but I am assuming it is annually him I right or wrong? Thanks.