Firm A has a fixed rate bond outstanding with 3 year left to maturity and fixed coupon rate is 6%. The face value of the bond is $50 million. Firm A now entering into a swap where it is the received fixed counterparty. As the receive-fixed counterparty, firm A will receive 6% fixed rate on $50 million notional amount and pay 6-month T-bill rate plus 5%. What is firm As net interest rate after the swap contract?

Assume T-bill rate is 0.5%