Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions