A firm has a $100,000 2-year variable interest loan with 180 day payment frequency. The firm decided to purchase a cap with X-6% and sells a floor with X-4%. The cap's price is $15,000 and the floor's price is $8000. Fill in the following table of interest payments based on the time t 180-day spot rates given (adding in the final loan repayment): t Loan interest payment Call payoff 03.50% 1804.50% 3605.50% 5406.50% 720 -1750 -103250 Put payoff Net payment The net income at t=0 (NPV) of the loan with the collar consisting of the long cap and short floor is The annualized IRR of the loan with the collar is The annualize IRR of the loan without the collar would be