In 270 days, a US-based company expects to borrow $ 15,000,000 for a period of 90 days at a 90-day Libor set in 270 days. The company is concerned that rates may increase.

At time 0, this company enters a 9 × 12 FRA, an instrument that expires in 270 days and is based on 90-day LIBOR. The company will receive floating (long position).

At time 0:

90 -day Libor in USD (Lh) is 1.7%.

270 -day Libor in USD (Lh) is 2.1%.

360 -day Libor in USD (Lh) is 2.5%.

After 90 days:

90-day Libor in USD (Lh) is 1.62%.

180-day Libor in USD (Lh) is 1.9%.

270 -day Libor in USD (Lh) is 2.05%.

360 -day Libor in USD (Lh) is 2.5%.

After 270 days:

90-day Libor in USD (Lh) is 1.75%.

270 -day Libor in USD (Lh) is 2.2%.

360 -day Libor in USD (Lh) is 2.6%.

What is a price of this FRA at time 0?

What will be the payment paid or received to settle this contract? Further, please specify what party will make a payment and when?

What will be a value of an existing 9×12 FRA to the short and to the long parties 90 days from initiation of that contract?