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Over the second three-month interval libor falls to 518

Teltrex International can borrow $3,000,000 at LIBOR plus a lending margin of 0.75% per annum on a three-month rollover basis from Barclays in London. Suppose that three-month LIBOR is currently 517/32 percent. Over the second three-month interval, LIBOR falls to 51/8 percent. How much will Teltrex pay in interest to Barclays over the six-month period for the Eurodollar loan?

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Finance Basics: Over the second three-month interval libor falls to 518

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