Smith Enterprise Credit Line (W/o Comp)

Smith Enterprise Credit line (w/o comp)
Smith Enterprise has an one year credit line of $5,000,000 with Second Bank. On average Smith uses $3,250,000 of the credit line. Second Bank charges a .45% commitment fee on the unused portion of the line and the interest rate is set at LIBOR +1.5%. Assume that the LIBOR is 6.3%
-Refer to Smith Enterprise Credit line (w/o comp) .If you only borrowed $2,000,000 against the line,what would be your effective borrowing rate?

A) 7.80%
B) 8.04%
C) 8.45%
D) 8.48%