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A bank that has made a $6 million floating rate loan at LIBOR plus 240 basis points wishes to convert it to a fixed-rate loan. The bank uses a swap with a fixed rate equal to 6.4%, floating rate equal to LIBOR, and notional principal equal to $6 million. If the payments are quarterly, which of the following most closely approximates the quarterly inflows to the bank from the loan and the swap? A. $60,000. B. $132,000. C. $88,000. |