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A swap agreement calls for Summit Industries to pay interest annually, based on a rate...

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A swap agreement calls for Summit Industries to pay interest annually, based on a rate of 2% over the one-year T-bill rate, currently 6%. In return, Summit receives interest at a rate of 6% on a fixed-rate basis. The notional principal for the swap is $150,000. Summit's net interest for the year after the agreement is $ (Round your response to the nearest integer.)

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