QUESTION $19-$PAYMENTS ON CAP

An investor purchases a cap on $\frac{5}{1}\frac{?}{24}$ for an initial premium of $1\mathrm{.}35\%$ of the notional amount. The terms of the cap include the following: $($i$)$ the notional

amount is $$150$ million; $(2)$ the reference rate is $3-$month LIBOR; $(3)$ the maturity of the contract is $1$ year; $(4)$ cap payments are made quarterly;

$(5)$ the strike price is $4\mathrm{.}0525\%$; and $(6)$ the payment is based on an actual$/360$ day count. LIBOR for the $\frac{8}{1}\frac{?}{24},\frac{11}{1}\frac{?}{24},\frac{2}{1}\frac{?}{25}$ and $\frac{5}{1}\frac{?}{25}$ LIBOR

reset dates is $4\mathrm{.}7535\%,4\mathrm{.}1245\%,3\mathrm{.}4460\%$ and $3\mathrm{.}1250\%,$ respectively.

$($b$)$ What is the amount of each cap payment? Which party pays?