Bank A offers the following terms for a $10 million loan

Author:

June 8th, 2024

Bank A offers the following terms for a $10 million
loan:

* interest rate: 8 percent for one year on funds
borrowed
* fees: 0.5 percent of the unused balance for the unused term of the loan Bank
B offers the following terms for a $10 million loan:
* interest rate: 6.6 percent for one year on funds borrowed
* fees: 2 percent origination fee

a Which terms are better if the firm intends to
borrow the $10 million for the entire year?
b If the firm plans to use the funds for only three months, which terms are
better?

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