An interest rate cap of 7% with a notational value of $18.9 million is available for a premium of 0.58%. The same notational value 3% floor is available for a premium of 0.64%.
If current interest rates are at 8%, what would be the a financial institution's net savings if they had written the cap and purchased the floor?
Enter your answer as a full dollar value (not in millions) with no cents. Precede losses with a negative sign