14. Consider a $30 million notional principal interest rate swap with a fixed rate of 7 percent,...
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14. Consider a $30 million notional principal interest rate swap with a fixed rate of 7 percent, paid quarterly on the basis of 90 days in the quarter and 360 days in the year. The first floating payment is set at 7.2 percent. Calculate the first net payment and identify which party, the party paying fixed or the party paying floating, pays.
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Related Book For 
An Introduction To Derivatives And Risk Management
ISBN: 9780324321395
7th Edition
Authors: Don M. Chance, Roberts Brooks
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