ben obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime
Fantastic news! We've Found the answer you've been seeking!
Question:
ben obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime rate of 6%p.a.. The prime rate increased to 6.7%p.a. in 20X2 and then 7.2%p.a. in 20X3. What is the interest rate that Ben must pay in 20X3?
Posted Date: