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I am having trouble with these, could you please help? P9-1 (similar to) Question Help (Related to Checkpoint 9.1) (Floating-rate loans) The Bensington Glass Company
I am having trouble with these, could you please help?
P9-1 (similar to) Question Help (Related to Checkpoint 9.1) (Floating-rate loans) The Bensington Glass Company entered into a loan agreement with the firm's bank to finance the firm's working capital. The loan called for a floating rate that was 27 basis points (027 percent) over an index based on LIBOR In addition, the loan adjusted weekly based on the closing value ofthe index for the previous week and had a maximum annual rate of 224 percent and a minimum of 1 75 percent Calculate the rate of interest for weeks 2 through 1 & Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 1.37% 1.66% 1.72%
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