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LIBOR notes are often sold in large denominations with a 90-day maturity, and their interest rate convention is based on a year with 360 days.

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LIBOR notes are often sold in large denominations with a 90-day maturity, and their interest rate convention is based on a year with 360 days. What is the change in interest on a million-dollar face value LIBOR note with a 90-day maturity if the interest rate changes by one basis point? Select one: a. $1,000 b. It is not possible to generalize c. $25 d. $100 e. $250

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