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Calculate the rate of interest for weeks two

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Reference no: EM132468484

The Bensington Glass Company entered into a loan agreement with the? firm's bank to finance the? firm's working capital. The loan called for a floating rate that was 26 basis points ?(0.26%) over an index based on LIBOR. In? addition, the loan adjusted weekly based on the closing value of the index for the previous week and had a maximum annual rate of 2.25% and a minimum of 1.78%.

Question 1: Calculate the rate of interest for weeks 2 through 10? I need to know how to calculate in excel.

Date       LIBOR

Week 1   1.93%

Week 2   1.68%

Week 3  1.52%

Week 4  1.29%

Week 5  1.59%

Week 6  1.66%

Week 7   1.67%

Week 8  1.92%

Week 9   1.88%

Reference no: EM132468484

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