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Jason Corp. and Larssen Corp. enter into an interest rate swap which calls for Jason issuing 10.5% fixed rate debt, paying LIBOR to Larssen, and

Jason Corp. and Larssen Corp. enter into an interest rate swap which calls for Jason issuing 10.5% fixed rate debt, paying LIBOR to Larssen, and Larssen paying 10.25% to Jason. What is Jason's net payment?

IBOR + .25%

10.5%

10.3%

LIBOR -.25%

None of the above

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