We calculate the one loop effective action for D-brane probes moving i
n the presence of near Bogomol'nyi-Prasad-Sommerfield D-branes. The up
silon(2) term agrees with supergravity in all cases and the static for
ce agrees for a five-dimensional black hole with two large charges. It
also agrees qualitatively in all the other cases. We make some commen
ts on the M(atrix) theory interpretation of these results.