A US company enters into a currency swap in which pays a fixed rate of 5.5% in euros and the counterparty pays a fixed rate of 6.75% in dollars. The notional principals are $100,000,000 and 116,500,000 million. Payments are made semi-annually and on the basis of 30 days per month and 360 days per year.

Calculate the initial exchange of payments that the US company pays to the counterparty.