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In exchange for a $300 million fixed commitment line of credit, your firm had agreed to pay an up-front commitment fee of .130 percent of the amount of the line.
What is percent?
In essence, percentages are fractions with a 100 as the denominator. We place the percent symbol (%) next to the number to indicate that the number is a percentage. For instance, you would have received a 75% grade if you answered 75 out of 100 questions correctly on a test (75/100). Rather than being expressed as a fraction, a percentage is a piece of a whole expressed as a number between 0 and 100. Nothing is zero percent; everything is 100 percent; half of something is 50 percent; and nothing is zero percent.
Here,
Your company had agreed to pay an upfront commitment fee equal to.13% of the line's value in exchange for a $300 million fixed commitment line of credit.
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