1. Grecian Tile Manufacturing of Athens, Georgia, borrows $1,500,000 at LIBOR plus a lending margin of 1.25 percent per annum on a six-month rollover basis from a London bank. If six-month LIBOR is 4.5 percent over the first six-month interval and 5.375 percent over the second six-month interval, how much will Grecian Tile pay in interest over the first year of its Eurodollar loan?