Question: LIBOR notes are often sold in large denominations with a 90-day maturity, and their interest rate convention is based on a year with 360 days.

LIBOR notes are often sold in large denominations with a 90-day maturity, and their interest rate convention is based on a year with 360 days. What is the change in interest on a million-dollar face value LIBOR note with a 90-day maturity if the interest rate changes by one basis point? Select one: a. $25 b. $1,000 c. $250 d. $100 e. It is not possible to generalize

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