Calculate the interest rate

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Reference no: EM13688216

(Floating Rate Loans). After looking at a fixed-rate loan, Ace-Campbell Mfg. entered into a floating-rate load agreement. this loan is set at 36 basis points (or 0.36 %) over and index based on LIBOR. Ace-Campbell is concerned that the LIBOR index may go up, causing the loan to climb. That concern comes from the fact that the rate on the loan adjusts weekly based on the closing value of the LIBOR index for the previous week. Fortunately for Ace-Campbell, this loan has a maximum annual rate of 2.16%. It also has a minimum annual rate of 1.52%. Given the following information, calculate the interest rate that Ace-Campball would pay during weeks 2-10.
Week 1 LIBOR
1.93%
Week 2 1.67%
week 3 1.47%
week 4 1.34%
week 5 1.64%
week 6 1.63%
week 7 1.67%
week 8 1.89%
week 9 1.86% You have to round to two decimal places for each week. Week 10 is not showing. Thank you for any help you can give me.

Reference no: EM13688216

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