Chrysler LLC, the now privately held company sold-off by DaimlerChrysler, must pay floating rate interest three
months from now. It wants to lock in these interest payments by buying an interest rate futures contract. Interest rate futures for three months from now settled at 92.506.
In three months time Libor settles at 6.076% in the spot rate.
What is the dollar amount Chrysler will pay (or receive) to settle this transaction three months from now? (Recall, the notional amount for this type of contract is $1,000,000.)