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Calculate the total fees you have paid on loan commitment

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Reference no: EM132779157

Question - You have approached your local bank for a start-up loan commitment for $1,300,000 needed to open an auto repair store. You have requested that the term of the loan be one-year. Your bank has offered you the following terms: size of loan commitment = $1,300,000, term = 1 year, up-front fee = 15 basis points, back-end fee = 30 basis points. If you take down 90 percent of the total loan commitment, calculate the total fees you have paid on this loan commitment.

Reference no: EM132779157

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