- Spot rates for loan terms of 1, 2, and 3 years are as follows: 2 3 Term (in years) Spot Rate 1 0.035 ? 0.047 The swap rate for a 3-year interest rate swap with a level notional amount is 4.6656%. What is the 2-year spot rate? A) 0.0410 B) 0.0415 C) 0.0420 D) 0.0425 E) 0.0430