Do not round decimals until the end of the solution!

You have approached your local bank for a start-up loan commitment for $360,000 needed to open a computer repair store. You have requested that the term of the loan be one year. Your bank has offered you the following terms: size of loan commitment-$360,000, term-one year, up-front fee = 25 basis points, back-end fee-40 basis points, and rate on the loan = 8 percent. Assume you immediately take down $161,000 and no more during the year. Calculate the total interest and fees you will pay on this loan commitment. Total interest and fees