Question Help Problem 14-8 (algorithmic) Petrol Iberico. Petrol Ibrico, a European gas company is borrowing 5650,000,000 va a syndicated eurocredit for six years at 110 basis points over LIBOR LIBOR for the loan will be rest every six months. The funds will be provided by a syndicate of eightleding vestent bankers, which will charge upfront fees totaling 15% of the principal amount What is the effective interest cost for the first year if the LIBOR is 450% during the first six months and 490% during the second six months The effective interest cost for the first year is (Round to wo orcimal places.) Problem 14-8 (algorithmic) Question Help Petrol Iberico Patrol binico, a European gas company is borrowing $650.000.000 via a syndicated our credit for six years at 110 basis points over LIBOR LIBOR for the loan will be resor every si months. The funds will be provided by a syndicate of eight loading investment bankers, which will charge up-tront foes totaling 1.5% of the principal amount. What is the effective interest cost for the first year of the annual LIBOR 18 430% curing the first six months and 4.90% during the second six months The effectwe interest cost for the first year is % (Round to two decimal places