QUESTION 3 Determine the upcoming payments on a swap with a notional principal of $5,000,000 in which the fixed-rate payer makes semi-annual faced payments of 8% and the counter-party makes floating-rate payment at Euribor. The Euribor rate at the last settlement period was 7.25% The fixed-rate payments are made on the basis of 160 days in the settlement period and 365 days in a year. The floating-rate payments use a 180/360 day convention The net payment is $16,010 from the fixed-rate payer to the floating-rate payer The net payment is $18,750 from the fixed-rate payer to the floating-rate payer The net payment is 18,750 from the floating-rate payer to the fixed-rate payer The net payment is $16,010 from the floating-rate payer to the fixed-rate payer