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You Have Approached Your Local Bank for a Start-Up Loan

question 38

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You have approached your local bank for a start-up loan commitment for $1,000,000 needed to open a car 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 = $1,000,000, term = one year, up-front fee = 20 basis points, back-end fee = 50 basis points, and rate on the loan = 9 percent. If you immediately take down $750,000 and no more during the year, what is the total interest and fees you have paid on this loan commitment?


Definitions:

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A mistake or mutation in the genetic material, leading to alterations in the DNA sequence that may affect an individual's development or function.

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Scientists who study the adaptations, psychological mechanisms, and behaviors that have evolved over time to solve specific survival and reproductive challenges.

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