A floating rate note (FRN) has a par value of $1,000 and makes semi-annual interest payments on June and December at the six-month LIBOR plus spread of 200 basis points. On the date the instrument was issued (January 1, 2012), the six-month LIBOR was 4.5%. In June 2012, LIBOR increased to 5.0% and declined in December 2012 to 3.5%. Which of the following statements is most likely correct with respect to the interest payments due on the FRN?