Answer:
"$ 15,000" is the correct solution.
Step-by-step explanation:
The given values are:
Agreed fixed rate,
= 0.04
LIBOR rate,
= 0.01
No. of borrowing months,
= 6
National amount,
= 1000000
Now,
The net payment will be:
=
On substituting the above values, we get
=
=
=
($)