Interest Rate Swap Example - Schweser

CFA Level I Derivatives
#1

On the Interest Rate Swap Example in Schweser Book 5, page 260-261, why is 90 days used in the formula for the payment 360 days from now? Would the formual not be

[.06(360/360) - (.055+.01)(90/360)] x 1,000,000 ??

Any help would be greatly appreciated, thanks!

#2

It’s a quarterly-pay swap, so each payment represents interest for only ¼ year: 90/360.