short question on collars buying, equivalent, following, question

towardsutopia21

Which of the following is equivalent to a pay-fixed interest rate swap?
A) Buying a cap and selling an interest rate collar.
B) Selling a cap and buying a floor.
C) Buying a cap and selling a floor.
Your answer: A was incorrect. The correct answer was C) Buying a cap and selling a floor.
A pay-fixed interest rate swap has the same payoffs as a long position in the corresponding interest rate collar (with the strike rate equal to the swap fixed rate).
here is my question…if cap and floor rates are the same, i see how you replicate the fixed payments…but in a pay fixed swap, you are also receiving floating rate payments…how is that replicated by buying a cap and selling a floor?
for example, say cap and floor rates are 5%. if rates go above 5%, you will always pay 5% due to the cap. if rates go below 5%, you will still pay 5% do to the floor. waht about the floating rate receipts? seems like buying a cap and selling a floor of the same strike rate only replicates a fixed rate bond.