On January $1,2025,$ Oriole Inc. issued a $10-$year, $$440,000$ note at $7\%$ fixed interest, interest payable semiannually. Oriole preferred a

variable$-$rate note, but its lender offered only fixed$-$rate loans. As a result, Oriole entered into an interest rate swap on the same day

where it agrees to receive $7\%$ fixed and pay LIBOR of $4\mathrm{.}8\%$ for the first $6$ months on $$440,000.$ At each $6-$month period, the variable

rate will be reset. The variable rate is reset to $5\mathrm{.}4\%$ on June $30,2025.$

$($a$)$ Compute the net interest expense to be reported for this note and related swap transaction as of June $30,2025.$

Net interest expense June $30,2025$$$

$($b$)$ Compute the net interest expense to be reported for this note and related swap transaction as of December $31,2025.$

Net interest expense December $31,2025$$