A Canadian company has a calendar year end. On January 1, the company borrowed $500,000 U.S. dollars. The loan is to be repaid in four years, and interest at 8% to be paid every December 31. The loan and applicable interest are both to be repaid in U.S. dollars. The following exchange rates were in effect throughout the first year of the loan. January 1 US $1 = CDN $1.1500 December 31 US $1 = CDN $1.1490 Average US $1 = CDN $1.1510 What is the combined exchange gain or loss for both the loan and interest? O$760 gain O$120 loss O$350 gain O$320 loss O$580 gain