1)Suppose we get into a swap with a notional principal of $1,000,000.

We are the fixed-rate payer, and we pay monthly. The fixed payments rate is 11.6%. Our counter-party makes floating-rate payment on the basis of LIBOR. What would be our payoff, if the LIBOR at the upcoming payment time becomes 11.06%?

2)A US-based exporter anticipated receiving 1000 British Pound (GBP) in six months, and took a short forward position, locking-in an exchange rate of $1.34/GBP. If six months later at maturity, the spot exchange rate becomes $1.35/GBP, what is the payoff of the exporter?