Luke enters into a three-year interest rate swap to receive a fixed rate and pay a variable rate based on future 1-year MIBOR rates. The settlement occurs at the end of every year. The notional amount is 1,000 for year 1,800 for year 2, and 600 for year 3. St 1 496 2 596 3 696 796 5 896 Determine the net swap payment made at the end of the first year: Lulas pays 12 Luke receives 12 Luke receives 16 D Luke pays 16 E Luke pays 0 Luke enters into a three-year interest rate swap to receive a fixed rate and pay a variable rate based on future 1-year MIBOR rates. The settlement occurs at the end of every year. The notional amount is 1,000 for year 1,800 for year 2, and 600 for year 3. St 1 496 2 596 3 696 796 5 896 Determine the net swap payment made at the end of the first year: Lulas pays 12 Luke receives 12 Luke receives 16 D Luke pays 16 E Luke pays 0