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You have approached your local bank for a start-up loan

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You have approached your local bank for a start-up loan commitment
for $310,000 needed to open a computer 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 = $310,000, term = one year, up-front fee = 50 basis points, back-end fee = 60 basis points, and rate on the loan = 9 percent. Assume you immediately take down $156,000 and no more during the year.

Calculate the total interest and fees you will pay on this loan commitment.

Total interest and fees

 
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