On January 2, a Canadian automobile dealer decided to import 1500 cars from Japan at a cost of 2.5 million en per car. The cars will arrive on April 30 at which time payment for the cars will be due. The dealer also decided to use June forward contracts (maturing June 30) to hedge the CAD/EN exchange rate. On January 2, the June forward rate was $0.010835 and on April 30, when the hedge is closed out, the spot rate for the en was $0.01102.

If the interest rate in Canada is 5% and in Japan is 1%, determine how many contracts the dealer used to hedge and what the effective amount was that the dealer paid in Canadian dollars (Assume the contract size for the forward contract is 12,500,000 en).