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In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following:
Based on this information, answer the following:
a. Ignoring the commitment fee, what is the effective annual interest rate on this line of credit? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Effective annual rate %
b. Suppose your firm immediately uses $222 million of the line and pays it off in one year. What is the effective annual interest rate on this $222 million loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Effective annual rate %
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