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HW Score 60 12 of 20 points Related to Checkpoint 9 1 Floating rate loans...

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HW Score 60 12 of 20 points Related to Checkpoint 9 1 Floating rate loans 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 29 basis points 0 29 percent over an index ba Points 0 of 1 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 18 percent and a minimum of 1 79 percent Calculate the rate of interest for weeks 2 through 10 Date Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 LIBOR 1 92 1 62 1 49 1 37 1 59 1 65 1 69 1 86 1 85 The rate of interest for week 2 is 2 18 Round to two decimal places The rate of interest for week 3 is Round to two decimal places Part 2 of 9 to BETER O

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