20. ABC Manufacturing secures a $5,000,000 working capital line of credit from Easy Money National Bank. The prime rate is 7.5%. The rate on the loan is Prime + 1% floating, meaning that the rate will change monthly. Assume the following: (clue: interest paid is calculated by the (loan outstanding * interest rate * 30)/360 Average Month Prime Rate Outstanding Interest Paid 1 7.5% 8.5% 3,500,000 2 7.0% 8.0% 675,000 3 6.8% 7.8% 1,750,000 4 6.5% 7.5% 2,125,000 Calculate the actual interest rate for these four months? (clue-weighted average)