You work for an investment banking firm which "warehouses" (i.e., buys or funds) commercial mortgage loans and holds them until a sufficiently large pool (typically ~ $1 billion) of diversified mortgages can be assembled and sold off as a commercial mortgage-backed security (CMBS). Your firm is about to warehouse a $50 million individual mortgage loan that carries a (fixed) 6.0% interest rate, with a 20-year term when securitized.

This loan is representative of other loans in the pool. For purposes of this problem, make two simplifying assumptions: ignore monthly compounding (i.e., assume the annual compounding of interest) and treat the mortgage loans as if they are interest-only instruments (i.e., assume there is no principal amortization). A. Your firm wants to earn, upon the sale of the CMBS offering, a placement fee which has a present value equal to 2.0% of the placement (or loan) amount. For purposes of this computation, assume that the investment bank's cost of capital is 7.5%. As a representative loan, compute the annual fee (in dollars) that must be paid on the $50 million loan such that the desired fee is earned. 

How large is this annual fee as a percentage of the ($50 million) loan?