I got this question partially correct: Lansdowne Electronics has a formal line o

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I got this question partially correct:

Lansdowne Electronics has a formal line of credit of $1 million for up to three years with HND Bank. The interest rate on the loan is 4.03 percent, and under the agreement, Lansdowne has to pay an annual fee of 43 basis points on the unused amount. Suppose the firm borrows $869,652 the first day of the agreement. What is the fee the company must pay on the unused balance? What is the effective interest rate? (Round intermediate calculations to 4 decimal places, e.g. 1.2514, annual fee to nearest whole dollar, e.g. 5,275 and effective annual rate to 2 decimal places, e.g. 12.25%.)

I have to do it again with new values can someone help me please:

Lansdowne Electronics has a formal line of credit of $1 million for up to three years with HND Bank. The interest rate on the loan is 9.85 percent, and under the agreement, Lansdowne has to pay an annual fee of 74 basis points on the unused amount. Suppose the firm borrows $615,405 the first day of the agreement. What is the fee the company must pay on the unused balance? What is the effective interest rate? (Round intermediate calculations to 4 decimal places, e.g. 1.2514, annual fee to nearest whole dollar, e.g. 5,275 and effective annual rate to 2 decimal places, e.g. 12.25%.)

The fee the firm must pay is $560 RIGHT ANSWER  and the effective interest rate is %.4.36 WRONG ANSWER.

I have to do it again with new values can someone help me please:

Lansdowne Electronics has a formal line of credit of $1 million for up to three years with HND Bank. The interest rate on the loan is 9.85 percent, and under the agreement, Lansdowne has to pay an annual fee of 74 basis points on the unused amount. Suppose the firm borrows $615,405 the first day of the agreement. What is the fee the company must pay on the unused balance? What is the effective interest rate? (Round intermediate calculations to 4 decimal places, e.g. 1.2514, annual fee to nearest whole dollar, e.g. 5,275 and effective annual rate to 2 decimal places, e.g. 12.25%.)

Explanation / Answer

Fee to be paid on unused balance = (1,000,000 - 615,405) * 0.74% = $ 2,846

Interest to be paid on borrowed amount = 615,405 * 9.85% = 60,617.39

So total interest + fee paid = 2,846 + 60,617.39 = 63,463.4

So effective interest rate = total interest + fee paid / (actual amount borrowed) = 63,463.4 / 615,405 = 10.31%

Answer: Fee to be paid is $2,846 and effective interest rate is 10.31%

Hope this helped ! Let me know in case of any queries.

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