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What was the total peso cost of the loan agreement

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Question - Marvel arrange a revolving credit agreement amounting to P15,000,000 with a group of small banks. The firm paid an annual commitment fee of 2% of the unused balance of the loan commitment. On the used portion of the loan, Marvel paid 2% above prime for the funds actually borrowed on an annual simple interest basis. The prime rate was 8% for the year. If Marvel borrowed P15,000,000 immediately after the agreement was signed and repaid at the end of one year, what was the total peso cost of the loan agreement for one year?

Reference no: EM133002705

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