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2. Darwish is thinking of getting an overdraft facility for his business and plans to pledge his house valued at RM1,500,000. The bank that he
2. Darwish is thinking of getting an overdraft facility for his business and plans to pledge his house valued at RM1,500,000. The bank that he is applying is willing to provide him the facility, 60% of the property price. The commitment fee is 1% and the interest rate is BLR+1.7% per annum. Darwish's overdraft account is as follows. BLR for January is 5.5% and has increased by1% the following month. Calculate the commitment fee for the month of February. Date Transaction Amount (RM) 1 January 2020 Balance brought down 350,000 12 January 2020 Deposit 200,000 31 January 2020 Balance brought forward 150,000 14 February 2020 Withdrawal 400,000 (10 marks)
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