Question

The Smith 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 2.23 percent and a minimum of 1.78 percent. Calculate the rate of interest for weeks 2 through 10.

Date	LIBOR
Week 1	1.95%
Week 2	1.66%
Week 3	1.48%
Week 4	1.33%
Week 5	1.64%
Week 6	1.69%
Week 7	1.71%
Weeks 8 & 9	1.89%

The rate of interest for week 2 is _%

The rate of interest for week 3 is _%

The rate of interest for week 4 is _%

The rate of interest for week 5 is _%

The rate of interest for week 6 is _%

The rate of interest for week 7 is _%

The rate of interest for week 8 is _%

The rate of interest for week 9 is _%

The rate of interest for week 10 is _%

Answer 1

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