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Austal Ship plans to borrow 2.05 million Australian dollars (A$) for three years. It obtains a floating rate loan from a bank at the interest

Austal Ship plans to borrow 2.05 million Australian dollars (A$) for three years. It obtains a floating rate loan from a bank at the interest rate equal to the LIBOR + 2.20 (%). Austal Ship also forecasts 3.68%, 4.14%, and 4.62% LIBOR in year1, year2, and year3, respectively. How much total interest Austal Ship needs to pay for A$2.05 millions in three years of the loan period?

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