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Suppose we get into a swap with a notional principal of $1,000,000. We are the fixed-rate payer, and we pay monthly. The fixed payments rate

Suppose we get into a swap with a notional principal of $1,000,000.

We are the fixed-rate payer, and we pay monthly. The fixed payments rate is 10.53%. Our counter-party makes floating-rate payment on the basis of LIBOR. What would be our payoff, if the LIBOR at the upcoming payment time becomes 11.33%?

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