4. A bank enters into an interest rate swap making annual fixed rate payments of 8% and receiving a floating rate equal to LIBOR + 2%. The notional principal on the swap is $10 million. What is the first net payment under the swap if LIBOR is 7%? A. bank pays $100,000 B. bank receives $100,000 C. bank pays $300,000 D. bank receives $300,000