这个题的cash flow为什么是负的呢？

NO.PZ2023020101000020 问题如下 Mbali Novu, a trar on Mafa’srivatives sk, works closely with Fourie to implement solutions for hisclients. Novu receives a request from Fourie to structure OTC swaptransaction for one of his clients. After reviewing the request, Novu agreesto the counterparty for a one-yeswon Tanzanite Resources (Tanzanite)stoin whithe client is seeking to enter into a receive-equity returns anay-fixearrangement. Tanzanite es not pa vin The swisstructurea quarterly reset, 30/360 y count, with a notionvalue of ZAR5,000,000. The fixerate is 3.2% annually. Tanzanite ha return of –3.6% forthe first quarter.The cash flow to Novu after the first quarter of the Tanzanite swisclosest to: A.ZAR219,529. B.–ZAR140,471. C.ZAR340,000. The quarterly interest rate is calculate[(1 + 3.2%)*(1/4)] – 1 =0.0079, so the fixecash flow Novu receives is ZAR5,000,000 *0.0079 = ZAR39,528.77. The return ofthe equity is negative, so Novu will also receive ZAR5,000,000 * 0.0360 = ZAR180,000.00 fromthe Tanzanite return. Therefore, the net cash flow to Novu is ZAR219,528.77 *(39,528.77 +180,000.00). receive-equity returns anpay-fixearrangement，题目不是这个意思吗？股票亏了等于还要支出的，就应该是-220000，而且swap不是都是单利吗

NO.PZ2023020101000020 问题如下 Mbali Novu, a trar on Mafa’srivatives sk, works closely with Fourie to implement solutions for hisclients. Novu receives a request from Fourie to structure OTC swaptransaction for one of his clients. After reviewing the request, Novu agreesto the counterparty for a one-yeswon Tanzanite Resources (Tanzanite)stoin whithe client is seeking to enter into a receive-equity returns anay-fixearrangement. Tanzanite es not pa vin The swisstructurea quarterly reset, 30/360 y count, with a notionvalue of ZAR5,000,000. The fixerate is 3.2% annually. Tanzanite ha return of –3.6% forthe first quarter.The cash flow to Novu after the first quarter of the Tanzanite swisclosest to: A.ZAR219,529. B.–ZAR140,471. C.ZAR340,000. The quarterly interest rate is calculate[(1 + 3.2%)*(1/4)] – 1 =0.0079, so the fixecash flow Novu receives is ZAR5,000,000 *0.0079 = ZAR39,528.77. The return ofthe equity is negative, so Novu will also receive ZAR5,000,000 * 0.0360 = ZAR180,000.00 fromthe Tanzanite return. Therefore, the net cash flow to Novu is ZAR219,528.77 *(39,528.77 +180,000.00). 老师，这道题给的fix rate annually 直接就是年化后的对么？我记得老师说如果fixerate 是未年化的？您能给我总结下，直接就是年化的fixerate 都会如何表达么？

NO.PZ2023020101000020 问题如下 Mbali Novu, a trar on Mafa’srivatives sk, works closely with Fourie to implement solutions for hisclients. Novu receives a request from Fourie to structure OTC swaptransaction for one of his clients. After reviewing the request, Novu agreesto the counterparty for a one-yeswon Tanzanite Resources (Tanzanite)stoin whithe client is seeking to enter into a receive-equity returns anay-fixearrangement. Tanzanite es not pa vin The swisstructurea quarterly reset, 30/360 y count, with a notionvalue of ZAR5,000,000. The fixerate is 3.2% annually. Tanzanite ha return of –3.6% forthe first quarter.The cash flow to Novu after the first quarter of the Tanzanite swisclosest to: A.ZAR219,529. B.–ZAR140,471. C.ZAR340,000. The quarterly interest rate is calculate[(1 + 3.2%)*(1/4)] – 1 =0.0079, so the fixecash flow Novu receives is ZAR5,000,000 *0.0079 = ZAR39,528.77. The return ofthe equity is negative, so Novu will also receive ZAR5,000,000 * 0.0360 = ZAR180,000.00 fromthe Tanzanite return. Therefore, the net cash flow to Novu is ZAR219,528.77 *(39,528.77 +180,000.00). 课上都是单利，跟白学了一样

NO.PZ2023020101000020 问题如下 Mbali Novu, a trar on Mafa’srivatives sk, works closely with Fourie to implement solutions for hisclients. Novu receives a request from Fourie to structure OTC swaptransaction for one of his clients. After reviewing the request, Novu agreesto the counterparty for a one-yeswon Tanzanite Resources (Tanzanite)stoin whithe client is seeking to enter into a receive-equity returns anay-fixearrangement. Tanzanite es not pa vin The swisstructurea quarterly reset, 30/360 y count, with a notionvalue of ZAR5,000,000. The fixerate is 3.2% annually. Tanzanite ha return of –3.6% forthe first quarter.The cash flow to Novu after the first quarter of the Tanzanite swisclosest to: A.ZAR219,529. B.–ZAR140,471. C.ZAR340,000. The quarterly interest rate is calculate[(1 + 3.2%)*(1/4)] – 1 =0.0079, so the fixecash flow Novu receives is ZAR5,000,000 *0.0079 = ZAR39,528.77. The return ofthe equity is negative, so Novu will also receive ZAR5,000,000 * 0.0360 = ZAR180,000.00 fromthe Tanzanite return. Therefore, the net cash flow to Novu is ZAR219,528.77 *(39,528.77 +180,000.00). 老师请问答案里面quarterly interest rate是为什么这样计算的呢，原理是什么？

NO.PZ2023020101000020 问题如下 Mbali Novu, a trar on Mafa’srivatives sk, works closely with Fourie to implement solutions for hisclients. Novu receives a request from Fourie to structure OTC swaptransaction for one of his clients. After reviewing the request, Novu agreesto the counterparty for a one-yeswon Tanzanite Resources (Tanzanite)stoin whithe client is seeking to enter into a receive-equity returns anay-fixearrangement. Tanzanite es not pa vin The swisstructurea quarterly reset, 30/360 y count, with a notionvalue of ZAR5,000,000. The fixerate is 3.2% annually. Tanzanite ha return of –3.6% forthe first quarter.The cash flow to Novu after the first quarter of the Tanzanite swisclosest to: A.ZAR219,529. B.–ZAR140,471. C.ZAR340,000. The quarterly interest rate is calculate[(1 + 3.2%)*(1/4)] – 1 =0.0079, so the fixecash flow Novu receives is ZAR5,000,000 *0.0079 = ZAR39,528.77. The return ofthe equity is negative, so Novu will also receive ZAR5,000,000 * 0.0360 = ZAR180,000.00 fromthe Tanzanite return. Therefore, the net cash flow to Novu is ZAR219,528.77 *(39,528.77 +180,000.00). 老师，这道题为什么不能用（-3.6%-0.8%）* NP ？