1. John bought a call option on the S&P 500 with a strike of $1,500. He paid a premium of $15. John also wrote an SPX call option with the same maturity date and a strike of $1,450. He got a premium of $14.50. At maturity, what is his total payoff if SPX is trading at $1,475?

2. You purchased 100 SPX put options with a strike of $1,400. You paid a premium of $15 per option. You also wrote 100 SPX put options with the same maturity date and a strike of $1,300. You received a premium of $11 per option. At maturity, what is your total profit if SPX is trading at $1,320?