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Using the following data, calculate the fixed-rate payer's first two net quarterly payments/receipts for a hypothetical interest rate swap described...

Using the following data, calculate the fixed-rate payer's first two net quarterly payments/receipts for a hypothetical interest rate swap described below. Notional principal $10 millionFixed rate 7.0%Days in first quarter 91Days in second quarter 92Current LIBOR (LIBOR0) 5.0%Expected LIBOR (LIBOR1) 5.3%Expected LIBOR (LIBOR2) 4.8% Chapter 23 and the Lectures: please keep in mind that fixed side of a swap is always 30/90/180/360/360 convention for accruals; while the floating side is Actual/360p

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