You bought a horse for $1,000,000 at the auction and want to finance half of the cost with a loan. If the 90 day LIBOR rate is 1.30% and the bank's credit margin is 2%, how much interest will you pay for the first year? ABO T T T Arial 3 (12pt) T III You bought a horse for $1,000,000 at the auction and want to finance half of the cost with a loan. If the 90 day LIBOR rate is 1.30% and the bank's credit margin is 2%, how much interest will you pay for the first year? ABO T T T Arial 3 (12pt) T