Suppose Chase holds a $200 million loan from Argentina, which is quoted on the London secondary market at a buy-ask price of 91-93.

（1）.If a bank had the opportunity to sell a loan to an investment bank at a 7 per cent discount, what would be the after-tax profit balance from doing so, compared with selling the loan in the secondary market?  The tax rate shall be 40%.

 (2). The investment bank then sold the loan at a 6% discount to a real estate company that was planning to build apartments in Argentina.  What is its profit after tax?

 (3).  The real estate company converted the loan into pesos in a debt-equity swap organized by the Argentine government. The official exchange rate of the peso to the U.S. dollar is P1.05/S.  The market exchange rate is P1.10/S. How much can a real estate company save by investing in the form of debt-equity swap than by directly investing $200 million at the market exchange rate?