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Homework answers / question archive / ben obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime rate of 6%p

ben obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime rate of 6%p

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ben obtained a floating-rate loan in 20X1 and was charged a premium of 3% above the prime rate of 6%p.a.. The prime rate increased to 6.7%p.a. in 20X2 and then 7.2%p.a. in 20X3. What is the interest rate that Ben must pay in 20X3?

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