Help with communicating between subnets with a layer 3 switch

By powder21 ·
Hi. I am doing a rather rudimentary project in one of my networking classes. I require a gigabit backbone for a network with several different subnets. I have chosen the following layer 3 managed switch:

NETGEAR ProSafe 12-port Layer 3 Switch GSM7312

I will not be configuring VLANs as my subnets are all in the same physical location and are each connected to their own layer 2 switch. Each layer 2 switch is then connected to a port on the layer 3 switch. The layer 3 switch then routes communication between the subnets.

Here's my question:
In my network diagram I assigned each port on the managed switch it's own ip address within the subnet that is connected to that port, allowing the nodes on each subnet to communicate with the layer 3 switch. Does this work? Can I assign each port on the layer 3 switch it's own IP address or does the layer 3 switch have only one IP address and yet is still somehow able to communicate with the different subnets? In the sample "configuration interface" on NETGEARs website, there appears to be an option to assign each port it's own IP address. I ask only for verification as I am already recieving an A for how I have set this up. I just want to make sure that my teacher is correct in giving me such a grade. Thanks in advance.

(please no answers saying I don't need to do it this way or why not do it another way. I just want to know if this way would actually work in the real world or not)

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