A corporation is planning to issue $ $20$ million worth of $180-$day commercial paper. In order to reduce the interest rates by $25$ basis points $($per year$),$ it plans to back this issue with a standby letter of credit or a loan commitment. The standby letter of credit is available for $21$ basis points $($per year$)$ to be paid up$-$front. The loan commitment for $ $10$ million is available for an up$-$front fee of $16$ basis points $($per year$)$ and a $5$ basis points back$-$end fee. What are the savings to the corporation if it obtains a standby letter of credit to back its $ $20$ million issue of commercial paper?

$[$ $ $1,250.$; $ $2,500.$; $ $3,750.$; $ $3,945.$; $ $6,250.]$