At time t, company A borrows 2 million pounds at an interest rate of 5% p.a., paid quarterly, for a period of 1 year. It then enters a 1-year swap at an exchange rate of USD/GBP 1.23. The swap rates are 3-month USD SOFR, and 5.2% p.a. compounded quarterly in GBP. What are the payments on the loan, on the swap, and on the combination of them? Assume that a 3-month SOFR (annualized) evolves as follows:

t + 3	t + 6	t + 9	t + 12
4.8%	5.0%	5.3%	5.5%

Use the following table to provide your answer (use +/- to indicate the direction of the CF):

	Loan	Swap	Combination
t
t + 3
t + 6
t + 9
t + 12