1. Daud is thinking of getting an overdraft facility for his business and plans to pledge...

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1. Daud is thinking of getting an overdraft facility for his business and plans to pledge his house valued at RM1,500,000. The bank that he is applying is willing to provide him the facility, 60% of the property price. The commitment fee is 1% and the interest rate is BLR+1.7% per annum. Daud's overdraft account is as follows. BLR for January is 5.5% and has increased by 1% the following month. Calculate the commitment fee for the month of February. Date 1 January 2019 12 January 2019 31 January 2019 14 February 2019 Transaction Balance brought down Deposit Balance brought forward Withdrawal Amount (RM) 350,000 200,000 150,000 400,000 (10 marks) 1. Daud is thinking of getting an overdraft facility for his business and plans to pledge his house valued at RM1,500,000. The bank that he is applying is willing to provide him the facility, 60% of the property price. The commitment fee is 1% and the interest rate is BLR+1.7% per annum. Daud's overdraft account is as follows. BLR for January is 5.5% and has increased by 1% the following month. Calculate the commitment fee for the month of February. Date 1 January 2019 12 January 2019 31 January 2019 14 February 2019 Transaction Balance brought down Deposit Balance brought forward Withdrawal Amount (RM) 350,000 200,000 150,000 400,000 (10 marks)

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To calculate the commitment fee for the month of February we need to determine the av... View the full answer