I Interest Rate Settings and Calculations A company borrowed $300 million from a bank for two years at 3-month LIBOR+1.5%, beginning July 9 (this week). There is no amortization. Fill in the table below. In the first column you need to write the day of the month, being careful of possible non-banking days. The second column gives you the LIBOR scenarios for that day. Then write the interest rate and the interest payment for those dates. date 3-mo LIBOR interest rate interest payment

July 8 1%

Oct 1.5%

Jan 2021 1.75%

April 2%

July 2.25%

Oct 2.4%

Jan 2022 2.5%

April 2.55% July 2.6%

I am assuming there is a day rate involved her but I do not understand how I supposed to determine what that number is