BubbleMint is considering borrowing $10,000,000 for four years. It has been given a loan proposal with the following terms: - 4 years loan term with a 3.5% originating fee and interests to be paid at the end of each year, with the principal repayment after the end of the loan term. - The variable interest rate plus a 2.5 percent spread (fixed component on top of variable rate); - The variable rate equals LIBOR (per annum) - 1-year LIBOR is currently at 5 percent. What is the All-in cost for BubbleMint by going with this loan term? Select one:

a) 7.14%

b) 9.12%

c) 8.11%

d) 7.41%