Intel. that has issued floating$-$rate notes now believes that interest rates will rise. It

decides to protect itself against this possibility by entering into an interest rate swap

with a dealer. In this swap, the notional principal is $$250$ million and the company

will pay a fixed rate of $7\mathrm{.}5$ percent and receive a floating rate. The current floating

rate is $8$ percent. Calculate the first payment and indicate which party $($Intel or the

dealer$)$ pays which. $$ ssume that payments will be made on the basis of $\frac{90}{360}$ days.