astal ships plan to borrow 2.62 million Australian dollars (A$) for three years. it obtains a floating rate loan from a bank at the interest rate equal to the (LIBOR + 2.75)%. Austal ship also forecasts 3.91%, 4.32%and 4.81% LIBOR in year 1 year 2 and year 3 respectively. How much total interest Austal ship needs to pay for A$2.62 millions in three years of the loan period?