Pls help. Is it when I have a question about entering into fixed interest rate swap, I need to convert it from annualized rates to per-period rate, i.e. 1-Z4 / (Z1+Z2+Z3+Z4) no matter what the other side parties enter into, like swap for floating rate, fixed rate, equity… in short, just calculate the annualized swap rate, the fixed interest rate is meaningless for the question.
i dont really understand your question…