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A Swiss sporting goods company borrows in yen in the Eurocredit market at a rate of 4.91 percent from Bank of America using a three-month

A Swiss sporting goods company borrows in yen in the Eurocredit market at a rate of 4.91 percent from Bank of America using a three-month rollover loan. Bank of America assigns a default risk premium of 2.14 percent on the loan, and the country risk is an additional 0.80 percent. The bank can borrow funds in the Euromarket at the three-month LIBOR rate of 0.32 percent. What is Bank of Americas gross profit margin on this loan? (Round answer to 1 decimal places, e.g. 15.2.) Gross profit margin= ___________ %

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