A trader on the interest rate desk of a large bank entered into a customized 2-year interest rate swap contract on July 31, 2020, on a notional amount of USD 7.5 million. According to the terms of the swap, the bank received an annual fixed rate of 2.3% and paid an annual rate of SOFR as of the first day of the month of payment plus 1.95%. Payments were made every 6 months. The table below displays the relevant SOFR rates over the 2-year period:

Date	6-month SOFR
1-Jul-20	0.11%
1-Jan-21	0.10%
1-Jul-21	0.05%
1-Jan-22	0.05%
1-Jul-22	1.52%

Assuming no default, which of the following was the best estimate to the net amount that the bank paid or received on July 31, 2022?