Your firm has a committed line of credit with your bank with a commitment fee of 1.5% (EAR) and an interest rate of 7% (EAR). The total line is $640,000 and you borrowed $400,000 at the beginning of the year. If you repay the $400,000 at the end of the year, what is your total cost, in dollars of the interest and commitment fee? What is this cost as a percentage of the amount you borrowed?

Answer: Your total cost, in dollars of the interest and commitment fee, is $ . (Round to the nearest dollar.) Your total cost as a percentage of the amount you borrowed is %. (Round to two decimal places.)