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Consider two payment schedules. The first one consists of payments of 5% of the nominal every month between January 3, 2008 and January 3, 2018. The second one consists of payments of 3% of the nominal every quarter between January 3, 2010 and January 3, 2015.
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Consider two simple swaps that exchange the first set of payments with the second set.
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Consider the same simple swaps that use the fair rate.
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