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ABC bank has issued a one-year loan commitment of $ 20 MM for an upfront fee of 0.5%. Fees on any unused portion of the loan is 0.25%.
The bank has a cost of funds of 7% and will charge an interest rate of 9%.
At the end of 6 months, there would be a drawdown of 50% of the committed amount followed by another 30% three months later.
Problem 1: The total cost of the loan ( interest plus fees combined ) over the committed duration is:
a. $ 709,230
b. $ 726,730
c. $ 738,420
d. $ 714,000
e. $ 692,000
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