If I ask for a 1 million loan within 3 months with 3 month maturity, which will be the difference on interest payments if I lock today the interest rate using the 3x6 month Forward Interest Rate? 3 month Zero Coupon Rate: 3.5% 6 month Zero Coupon Rate: 3.7% 1 year Zero Coupon Rate: 4% 2 year Zero Coupon Rate: 4.5% 3 year Zero Coupon Rate: 5% If within 3 months, the 3 month Interest rate is 3% 1.335 2.-2165 3.500 4.0