Floating rate cap binomial method

Did any one solve a floating rate cap binomial method. Can you please give an example and solve it . Even if it is two nodes that is fine. Is it just replace the cap rate with higher interest rate?

if its a capped floater and the IR is above the cap, replace the IR with the cap, calculate the interest and add it to get the node value

Thanks northeastern. Looks like you are all set.

just out of curiosity if they say it’s callable “anytime” does that mean if the final computed number is above the call price, then we use the call price in the final answer, right?

that sounds right