On December $31,2024,$ the Stride well Wholesale Shoe Company sold land in exchange for a nine$-$month, $12\%$ note. The note requires the payment of $$200,000$ plus interest on September $30,2025.$ The companys fiscal year$-$end is December $31.$ The $12\%$ rate properly reflects the time value of money for this type of note. On March $31,2025,$ Stride well discounted the note at the Bank of the East for cash proceeds of $ $203,500.$

What is the loss on sale of note receivable?