Suppose that the risk-neutral probability of default is 0.22 and the recovery rate is 0.08 . Both these values are stated as decimals. What is the approximate spread? Round your answer to two decimal places and state as a decimal. A bank has extended a $25,824,459,1-year loan at an interest rate of 0.10 with a BBB rating. Historical data indicate that the probability of this loan defaulting in 1 year is 0.10 , and the recovery rate for this type of loan is 0.59 . All rates are stated as decimals. What is the expected credit loss? Round to the nearest dollar