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Problem 23-1 Swaps Zhao Automotive issues fixed-rate debt at a rate of 8.00%. Zhao agrees to an interest rate swap in which it pays LIBOR

Problem 23-1 Swaps

Zhao Automotive issues fixed-rate debt at a rate of 8.00%. Zhao agrees to an interest rate swap in which it pays LIBOR to Lee Financial and Lee pays 6.6% to Zhao. What is Zhao's resulting net payment? Round your answer to one decimal place.

-(LIBOR + %)

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