Question: LIBOR last week was 1.88%. SC Corp. has borrowed $1,000,000 from North Pole Bank at a rate of one half a percentage point above LIBOR

LIBOR last week was 1.88%. SC Corp. has borrowed $1,000,000 from North Pole Bank at a rate of one half a percentage point above LIBOR with cap of 2.3% and a floor of 2.0%. What interest was charged to SC?

2.48%

2.38%

2.30%

2.5%

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