On January 1, 2019 Panther Company received a two-year $600,000 loan. The loan calls for payments to be made at the end of each year based on the prevailing market rate at January 1 of each year. The interest rate at January 1, 2019 was 10 percent. Aegean company also has a two-year $600,000 loan, but Aegean's loan carries a fixed interest rate of 10 percent. Panther Company does not want to bear the risk that interest rates may increase in year two of the loan. Aegean Company believes that rates may decrease and they would prefer to have variable debt. So the two companies enter into an interest rate swap agreement whereby Aegean agrees to make Panther's interest payment in 2020 and Panther likewise agrees to make Aegean's interest payment in 2020. The two companies agree to make settlement payments, for the difference only, on December 31, 2020. If the interest rate on January 1, 2020 is 8 percent, what will be Panther's settlement payment to/from Aegean on December 31, 20207 $12,000 payment $6,000 payment $12,000 receipt $6,000 receipt