Fernandez Corporation has a line of credit with Bank of Commerce for P5,000,000 for the 2020. For any amount borrowed, the bank requires the borrower a maintaining balance of 6%. Assuming the company needed P2,000,000 cash on June 30, 2016 and availed of the credit line of 10% Interest payable on December 31, 2021. Assuming further that the company has no existing deposit with the bank, what is the EIR from this transaction? a. 10.60% b. None of the above c. 10.61% d. 10.62%