PLEASE ANSWER IN EXCEL

Suppose that Google, Inc. has previously issued a bond that currently has 7 years left until maturity. The coupon rate of the bond is tied to LIBOR (specifically, its rate is LIBOR + 5%). The CFO expects interest rate movements to negatively affect the interest expense generated by this debt obligation. Therefore, she wishes to effectively change her liability from floating to fixed. The most recently issued Treasury Note is yielding 6%.

She contacts several banks that quote her the following:

Bank A: We will refinance your current debt at an all-in annual cost of 10.55%. This will include all the expenses of retiring the current debt and issuing new debt at a fixed coupon.

Bank B: We will offer you a LIBOR+2% based, 50-75 interest rate swap.

Bank C: We will offer you a PRIME+3% based, 45-48 interest rate swap. In addition, we have a basis swap available: LIBOR 1% for PRIME + 2%.

Solve for Googles Net Borrowing Rate if they were to use each of the Banks offering. Which bank offers the CFO the best net borrowing position, assuming that she wants to effectively change her liability into a fixed obligation?