The Grass Ridge Company has the following current asset accounts.

Cash ...............$1,900,000

Accounts Receivable .........4,600,000

Inventory ...............5,500,000

Its current ratio is 2.5:1. The bank is willing to lend the company enough to finance its working capital needs under a $10 million revolving credit arrangement at a base rate of 12% with a 3⁄8% commitment fee on the unused balance. If the current accounts stay relatively constant throughout the year, what will Grass Ridge pay the bank for working capital financing?