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A company caps 3-month LIBOR at 3.6% per annum. The principal amount is $30 million. On a reset date, 3-month LIBOR is 2.5% per annum.

A company caps 3-month LIBOR at 3.6% per annum. The principal amount is $30 million. On a reset date, 3-month LIBOR is 2.5% per annum. What payment would this lead to under the cap?

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