Manufacturers Hanover Trust sells a "six against nine" $5,000,000 forward rate agreement (FRA) on a 3-month (91 days), which it funds with a 5 percent Eurodollar CD. If the agreement rate is 5.5 percent and the settlement rate is 5 percent then:

• No payment is made because the settlement rate and the CD rate are the same.

• the seller pays the buyer $6,233.

• the buyer pays the seller $6,241.

• the buyer pays the seller $6,233.

• the seller pays the buyer $6,241.