Question. Can someone explain to me how to calculate interest for a private student loan given this information:
Private Loans
Our private loan is based on the London Interbank Offered Rate (LIBOR). The LIBOR rate is adjusted quarterly.*
School-Certified Private Loans
Variable Interest Rate
For Chase Select Month Current 3 Month LIBOR Index
3 month LIBOR Index + a margin
(from 3.65% to 12.25%) May 23, 2009 - June 30, 2009 1.32%
So, in this case, interest is calculated annually, or what? @.@