(Answered) A swap agreement calls for durbin industries to pay

Finance

A swap agreement calls for Durbin Industries to pay interest annually based on a rate of 1.5% over the one-year T-bill rate, currently 6%. In return, Durbin receives interest at a rate of 6% on a fixed-rate basis. The notional principal for the swap is $50,000. What is Durbin’s net interest for the year after the agreement?

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