How much is the effective cost if you need to borrow $400,000 for one year with $475,000 line credit, where any borrowing have a single payment interest of 20% and there is a 1.5% fee for any unused...

How much is the effective cost if you need to borrow $400,000 for one year with $475,000 line credit, where any borrowing have a single payment interest of 20% and there is a 1.5% fee for any unused credit?

a) 12%

b) 8.7%

c) 2.04%

d) 20.28%

e) 17.65%