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A borrower who is also the owner of a swaption that gives the holder the right to become a fixed-rate payer and floating-rate receiver would most likely do which of the following? Exercise the swaption when interest rates: A. increase to convert a floating-rate loan to a fixed-rate loan. B. increase to convert a fixed-rate loan to a floating-rate loan. C. decrease to convert a floating-rate loan to a fixed-rate loan. |