A British company BB Corp. enters into a 1-year interest rate swap with Sea Bank. The notional principle of the swap is 60 million. Payments will be made quarterly on the basis of 90/360 (90 days in the settlement period and 360 days per year). BB will receive a fixed rate of 3.5% and pay floating rate Euribor plus 1%. The 90-day Euribor rates are as below:

Current: 2.4% In 1 quarter: 3% In 2 quarters: 3.5% In 3 quarters: 3.7%

A. Determine the initial exchange of cash that occurs at the start of the swap.

B. Determine the quarterly payments (Q1, Q2)

C. Determine the final exchange of cash that occurs at the end of the swap.