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The Michigan Crate company entered into a loan agreement with the firms bank to finance the firms working Capitol. The loan called for a floating
The Michigan Crate company entered into a loan agreement with the firms bank to finance the firms working Capitol. The loan called for a floating rate that was 29 basis points 0.29 % over an index based on LIBOR. In addition the loan adjusted weekly based on the closing value of the index for the precious week and had a maximum annual rate of 2.19% and a minimum of 1.74%. Calculate the rate of interest for each week:
1- 1.91%
2-1.59%
3-1.55%
4-1.33%
5-1.64%
6-1.65%
7-1.71%
8-1.93%
9-1.91%
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