Question

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 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 2.18 percent and a minimum of 1.74 percent. Calculate the rate of interest for weeks 2 through 10.

Date Libor

Week 1	1.99​%
Week 2	1.67​%
Week 3	1.47​%
Week 4	1.33​%
Week 5	1.55​%
Week 6	1.66​%
Week 7	1.72​%
Week 8	1.93​%
Week 9	1.94​%

Answer 1

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