Question: LIBOR is 3.90% during the first six months and 4.20% during the second six months. The effective interest cost for the first year is %.

LIBOR is 3.90% during the first six months and 4.20% during

LIBOR is 3.90% during the first six months and 4.20% during the second six months. The effective interest cost for the first year is \%. (Round to two decimal places.) LIBOR is 3.90% during the first six months and 4.20% during the second six months. The effective interest cost for the first year is \%. (Round to two decimal places.)

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