Question regarding the semiannual interest payments, Finance Basics

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Question regarding the semiannual interest payments

Problem:

IBM wants to swap out of $10,000,000 of fixed interest rate debt and into floating interest rate debt for 3 years. Assume the fixed interest rate is 7.625 percent and the floating rate is dollar LIBOR.

Required:

Question: What semiannual interest payments will IBM receive and what will IBM pay?

Note: Please provide through step by step calculations.

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Finance Basics: Question regarding the semiannual interest payments

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Finance Basics: Question regarding the semiannual interest payments

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