In a LIBOR-In-Arrears Swap, Which of the Following Is True

Multiple Choice

In a LIBOR-in-arrears swap, which of the following is true?

A) The floating payment made on a date is the LIBOR rate on the previous payment date
B) The floating payment on a date is the LIBOR rate two payment dates ago
C) The floating payment on a date is the LIBOR rate on that date
D) The floating payment on a date is the LIBOR rate on that date only when it is higher than the LIBOR rate on the previous payment date