Please help on questions 1 and 3. I'm not sure if I am doing them correctly. Please explain how you got the answer. Will tip generously! In the questions mm means millions.

Payoff on a typical FRA In an FRA, the party who receives the floating rate and pays the fixed rate is "long". The party who pays the floa the fixed is "short" The payoff is the interest earned on the notional principal based on the difference in the current LIBOR rate and Because the payoff is received at the beginning of the period, the payment is discounted at the current LIBOR ra The general payoff is from the long position, that is, the party that receives the floating LIBOR rate. Payoff = Notional Amount [(( ) /360)/ (1+ /360)] Value of an FRA FRA's or forward rate agreements are negotiated at time 0, and then expire at Time 1. The number of days between time 0 and time 1 is "h" days. When the FRA expires, the underlying fixed interest rate arrangement begins and the rate is for an "m" day perio a "1X10" FRA This means that the FRA expires in 1 month and underlying instrument expires at the end of 10 months.