sove e Exit Su Calculating Fees on a Loan Commitment You have approached your local bank for a start-up loan commitment for $1.060,000 needed to open a car repair store. You have requested that the term of the loan be one year. Your bank has offered you the following terms: size of loan commitment = $1,060,000, term = 1 year, up-front fee = 30 basis points, back-end fee = 30 basis points, and rate on the loan = 8% If you immediately take down $810,000 and no more during the year what is the total interest and fees you have paid on this loan commitment