You have approached your local bank for a start-up loan commitment for $350,000 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 = $350,000, term = one year, up-front fee = 50 basis points, back-end fee = 65 basis points. Assume you take down 80 percent of the total loan commitment.

Calculate the total fees you will pay on this loan commitment.