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7. Swap contracts have annual settlement periods where payments are at the end of each period and the variable (floating) payment is based on the actual 1-year spot rate at the beginning of the period. You enter a 3-year $1000 level notional swap paying a fixed rate of 8% and receive the floating rate. What is your net payment (a negative number means you receive) under the swap at the end of the 2nd year if spot rates z[k] as of the beginning of the 2nd year become: Term k] | 1 year 2 year 3 year z[k] 4% 5% 6% A) -$40 C) $20 E) $40 B) -$30 D) $30 7. Swap contracts have annual settlement periods where payments are at the end of each period and the variable (floating) payment is based on the actual 1-year spot rate at the beginning of the period. You enter a 3-year $1000 level notional swap paying a fixed rate of 8% and receive the floating rate. What is your net payment (a negative number means you receive) under the swap at the end of the 2nd year if spot rates z[k] as of the beginning of the 2nd year become: Term k] | 1 year 2 year 3 year z[k] 4% 5% 6% A) -$40 C) $20 E) $40 B) -$30 D) $30