FINANCE-A company borrowed USD 100 million by way of a 5 year floating rate

QUESTION

A company borrowed USD 100 million by way of a 5 year floating rate note priced at 6 month LIBOR plush 85 basis points. On the date of issue, 6 month libor was .95% p.a. 6 months later, on the first interest resetting date, 6 month libor was 1.15%. At the end of the first year ( the second interest resetting date) 6 month libor was 1.2% p.a. What was the total amount of interest paid by the borrower for the first year of the loan?

ANSWER:

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