MN National Bank make the following interest rate collar:

10 millions, 9.75% interest rate cap with a price of 1.625% of face value

10 millions, 3.35% interest rate floor with a price of 1.475% of face value

If at expiration interest rates are 3.25%, how much is the profit/(loss) of MN National Bank?

PRESENT YOUR ANSWER ROUNDED TO ZERO DECIMAL PLACES

DON'T USE COMMA SEPARATORS

IF A LOSS USE THE MINUS SIGN EX -12