The writer of a payer swaption has:

	A.	the right to enter a swap in the future as the floating-rate payer.
	B.	the right to enter a swap in the future as the fixed-rate payer.
	C.	an obligation to enter a swap in the future as the floating-rate payer.
	D.	an obligation to enter a swap in the future as the fixed-rate payer.