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Grecian Tile Manufacturing of Athens, Georgia, borrows $ 1 , 5 0 0 , 0 0 0 at six - month CME Term SOFR plus

Grecian Tile Manufacturing of Athens, Georgia, borrows $1,500,000 at six-month CME Term SOFR plus a Bank Credit premium of 0.51 percent and a lending margin of 1.20 percent per annum on a six-month rollover basis from a London bank. If six-month CME Term SOFR is 2.540 percent over the first six-month interval and 3.415 percent over the second six-month interval, how much will Grecian Tile pay in INTEREST over the first year of its Eurodollar loan?

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