ox bank enters into a $$8,000,000$ quarterly$-$pay plain vanilla interest rate swap as the $$xed$-$rate payer at a $$xed rate of $3\mathrm{.}795\%$ based on a $360-$day year. The $$oating$-$rate payer agrees to pay $90-$day LIBOR plus a $0\mathrm{.}9\%$ margin; $90-$day LIBOR is currently $3\mathrm{.}09\%.$ The $90-$day LIBOR rates are:

Table. $90-$day LIBOR

t rt

$903\mathrm{.}57\%$

$1803\mathrm{.}57\%$

$2704\mathrm{.}28\%$

$3604\mathrm{.}88\%$

a$.$ What is the net amount Fox pays or receives $90$ days from now?

b$.$ What is the net amount Fox pays or receives $180$ days from now?