In February, Campus Cycle Repair had income from sales of $16,000. Expenses for the month included: rent, $1,250; utilities, $450; employee wages, $4,800; insurance, $300; parts and supplies, $2,700. The owner also incurs a monthly franchise fee equal to 5 percent of income from sales. What is the amount of profit (or loss) earned by Campus Cycle Repair for the month of February.