West National Bank make the following interest rate collar: 10 millions, 9.7% interest rate cap with a price of 1.3% of face value 10 millions, 3.45% interest rate floor with a price of 1.4% of face value If at expiration interest rates are 3.4%, 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