a.) Consider a $30 million notional amount interest rate swap with a fixed rate of 7 percent, paid quarterly based on 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.

b.) Consider a currency swap for $10 million and SF 15 million. One party pays dollars at a fixed rate of 9 percent, and the other pays Swiss francs at a fixed rate of 8 percent. The payments are made semiannually based on the exact day count and 360 days in a year. The current period has 181 days. Calculate the next payment each party makes.

c.) Consider a $100 million equity swap with semiannual payments. When the swap is established, the underlying stock is at 1,215.52. One party pays a fixed rate of 5.5 percent based on the assumption of 30 days per month and 360 days in a year. If the stock index is at 1,275.89 on the first payment date, calculate the net swap payment, indicating which party pays it.