The Bensingten Glass Company entered into a loan agreement with the firm's bank to finance...
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The Bensingten 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 28 basis points ( 0.28 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 2.19 percent and a minimum of 1.71 percent. Calculate the rate of interest for weeks 2 through 10 . Date LIBOR Week 11.96 % Week 21.68 % Week 31.47 % Week 41.34 % Week 51.57 % Week 61.63 % Week 71.72 % Week 81.88 % Week 91.95 % Part 1 The rate of interest for week 2 is enter your response here %. (Round to two decimal places.)
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