Multiple Choice
LIBOR last week was 1.88%, this week it is 1.91%. SC Corp. has borrowed $1,000,000 from North Pole Bank at a rate of one half a percentage point above LIBOR with cap of 2.5% and a floor of 2.0%. What interest was charged to SC last week?
A) 2.48%
B) 2.38%.
C) 2.0%
D) 2.5%
Correct Answer:
Verified
Correct Answer:
Verified
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