A $3 Million Revolving Credit Agreement Charges a Commitment Fee

Multiple Choice

A $3 million revolving credit agreement charges a commitment fee of .3% on unborrowed funds. The borrowing company owed nothing at the beginning of April, and during the month made only one take-down on the fifteenth. The commitment fee for April was $562.50. How much did the firm borrow on the fifteenth?

A) $3,000,000
B) $1,500,000
C) $2,250,000
D) $2,500,000