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BMI Ltd. had arranged with the bank for a 6 month line of credit of $200,000 at 6%. The bank charges 0.5% per year commitment

BMI Ltd. had arranged with the bank for a 6 month line of credit of $200,000 at 6%. The bank charges 0.5% per year commitment fee on any unused balance. BMI Ltd. ended up using only $180,000 for 4 months. Calculate the total cost of financing for the Line of Credit below:

a. On the BMI Line of Credit: what is the total interest charged: $

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