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GlobalPetrol Corp anticipates the need to secure a loan of $ 1 8 million in a future month. To hedge against the potential increase in

GlobalPetrol Corp anticipates the need to secure a loan of $18 million in a future month. To hedge against the potential increase in interest rates by the U.S. Federal Reserve, GlobalPetrol Corp has decided to enter into a 2x8 forward rate agreement (FRA) at a fixed rate of 6%. On the day the FRA expires, the relevant LIBOR rates are 5.7%(30-day Libor),5.8%(60-day Libor),5.9%(120-day Libor),6%(180-day Libor),6.1%(240-day Libor).
Calculate the payoff from the FRA for GlobalPetrol Corp. Include all relevant calculations in your response.

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