You have approached your local bank for a start-up loan commitment for $310,000 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 = $310,000, term = one year, up-front fee = 50 basis points, back-end fee = 60 basis points. Assume you take down 90 percent of the total loan commitment.

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