Question: 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

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. Dauds overdraft account is as follows. BLR for January is 5.5% and has increased by1% the following month. Calculate the commitment fee for the month of February.

Date	Transaction	Amount (RM)
1 January 2019	Balance brought down	350,000
12 January 2019	Deposit	200,000
31 January 2019	Balance brought forward	150,000
14 February 2019	Withdrawal	400,000

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