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A firm had a Floating rate loan from a bank to be paid at maturity with the following data: Loan amount = $48,000 Time to Maturity = 180 days, year has 360 days

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A firm had a Floating rate loan from a bank to be paid at maturity with the following data: Loan amount = $48,000 Time to Maturity = 180 days, year has 360 days. Interest rate = Prime Rate + 1.5% increment (risk premium). The prime rate is expected to have the following values over the 180 days: the prime rate is currently 6.5% and will remain so for the first 30 days. the prime rate will increase by 3% in the next 60 days. the prime rate will be 4.5% in the final 90 days. Using the expected prime rate values, answer the following questions. The interest amount for the first 30 days The interest amount for the next 60 days The interest amount for the final 90 days The total interest amount for 180 days floating rate loan Effective Interest rate for 180 days of floating rate loan ( -- Ettective Annual Interest rate of the floating rate loan (2