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Fox bank enters into a $ 5 , 0 0 0 , 0 0 0 quarterly - pay plain vanilla interest rate swap as the

Fox bank enters into a $5,000,000 quarterly-pay plain vanilla interest rate swap as the xed-rate payer at a xed rate of 4.265% based on a 360-day year. The oating-rate payer agrees to pay 90-day LIBOR plus a 0.7% margin; 90-day LIBOR is currently 3.02%. The 90-day LIBOR rates are:
Table. 90-day LIBOR
t rt
903.66%
1804.09%
2704.61%
3604.88%
a. What is the net amount Fox pays or receives 90 days from now?
$
Round your answer to the nearest dollar.
b. What is the net amount Fox pays or receives 180 days from now?
$
Round your answer to the nearest dollar.

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