2. You are given the following spot rates: Time Spot Rate 0.25 2.2% 0.50 2.8% 0.75 3.1% 1.00 3.7% Bella has a variable-rate loan of 1000 for one year. She enters into a four- quarter interest rate swap. She wants to swap the floating interest rates on her loan for a fixed interest rate. The level notional amount of the swap is 1000 each quarter Determine the net swap payment that will be made at the end of the first quarter and specify whether Bella pays or receives this net swap payment. a. Pays 3.64 b. Receives 3,64 c. Pays 5.46 d. Receives 5.46 e. Pays 9.10