Bob wants to make a profit by renting out his basement unit. He believes he can rent for net of $1100 per month after covering for any added monthly operating expenses. He needs to first take out a loan to renovate his basement. The loan is for $10000 with a 5% interest rate per year, compounding monthly. The loan has to be repaid in full within 7 years. Assuming the loan payments and rental income start at the same time (one month from now), how much monthly profit will Bob make over the next 7 years