Repricing GAP $=$ Rate$-$sensitive assets $($RSA$)-$ Rate$-$sensitive liabilities $($RSL$)=300000*(4\mathrm{.}60\%)=$ $$1500$ Net Interest Income $($Before Interest Rate Change$)==(550,000(\mathrm{.}0755))(505,000(\mathrm{.}0615))=$ $$12005$ Net Interest Income $($After Interest Rate Change$)==(550,000(\mathrm{.}0755))(505,000(\mathrm{.}0615))=$ $$11967\mathrm{.}50$ The CGAP affect worked to decrease net interest income. That is$,$ the CGAP was negative while interest rates increased. Thus, interest income increased by more than interest expense. The result is a decrease in NII. In contrast, the spread effect worked to increase net interest income. The spread increased by $10$ basis points. According to the spread affect, as spread increases, so does net interest income. However, in this case, the increase in NII due to the spread effect was dominated by the decrease in NII due to the CGAP effect.