ryanlb

Right , w.r.t the original date the second rest is at 360 , w.r.t the current date the second reset is at 270 . Job is clearly showing that for fixed payment he is discounting the first at 90 days and the second at 270 days .

For the floating you don't need to do the 270 , because we do not know the rate yet. We'll only know the rate 90 days later. The floating rate is established at each reset date and determines the next cash flow .