Question $3$

$10pts$

You believe Cisco Systems' $($CSCO$)$ common stock is either going to hover near its current market price of $$65\mathrm{.}00$ or$,$ if it has a breakout, it will be to the downside. You choose to set up a $1$:$2$ ratio call spread by going long one July $60$ call and going short two July $70$ calls. The July $60$ calls have a premium of $$5\mathrm{.}75,$ while the premium on the July $70$ calls is $$3\mathrm{.}80.$

What is the maximum loss for this position? Enter as a negative number. If unlimited enter $-8888.$