Carla Vista Electronics has a formal line of credit of $$1$ million for up to three years with HND Bank. The interest rate on the loan is $5\mathrm{.}08$ percent, and under the agreement, Carla Vista has to pay an annual fee of $72$ basis points on the unused amount. Suppose the firm borrows $$800,000$ the first day of the agreement.

What is the fee the company must pay on the unused balance? $($Round answer to the nearest whole dollar, e$.$g$.5,275.)$

Excel Template

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Annual fee

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What is the effective interest rate? $($Round answer to $2$ decimal places, e$.$g$.52\mathrm{.}75\%.)$

Effective interest rate

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