Marigold Corp. assigns $6600000 of its accounts receivables as collateral for a $2.66 million 9% loan with a bank. Marigold Corp. also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables?

$0.

Loss of $594000.

Loss of $66000.

Loss of $660000.