According to the required Study Note, which statement is not true about interest rate swap:

Possible Answers A-An interest rate swap is an agreement in which one party pays interest on a variable rate while the other party pays interest on a fixed rate based on a specified principal amount.

B-The variable rate is known as the swap rate.

C-The counterparty who agrees to pay the swap rate is called the payer.

D-The counterparty who agrees to pay the variable rate and receive the swap rate is the receiver.

E-Instead of exchanging two interest payments, only the net swap payment is made.