Oxford Corp. has a floating-rate liability and wants a fixed-rate exposure. They enter into a 2-year quarterly-pay $4,000,000 fixed-for-floating swap as the fixed-rate payer. The counterparty is Alabama Corp. The fixed rate is 6% and the floating rate is LIBOR+1%, with both calculated based on a 360-day year. Assuming LIBOR rate of 5.5%, the net swap payment every quarter is: