
Currency Options, Interest Rate Options and Options on Futures 431
Table 17.2 Calculation of the Effective Interest Payout at Each Reset Date
Date
6-month
MIBOR
Loan rate
MIBOR +
0.5%
Number
of Days in
the Period
Interest
Payment
(INR)
Floorlet
Pay-off
(INR)
Effective
Interest
(INR)
December 31, 2009 5.50% 6.0% 184 3,024,657.5 0 3,024,658
June 30, 2010 5.00% 5.5% 181 2,727,397.3 0 2,727,397
December 31, 2010 4.60% 5.1% 184 2,570,958.9 0 2,570,959
June 30, 2011 4.20% 4.7% 181 2,330,684.9 148,767.1 2,479,452
December 31, 2011 3.95% 4.45% 184 2,243,287.7 277,260.3 2,520,548
June 30, 2012 4.25% 4.75% 182 2,368,493.2 124,657.5 2,493,151
Table 17.2 shows the ...