You enter in a long position in a $6$x$12$ FRA at a LIBOR rate of $3\mathrm{.}00\%$ and a nominal value of $$10$M$.$

$($a$)$ When does this FRA expire in months?

$($b$)$ Suppose, at maturity, the $6-$month LIBOR rate is $3\mathrm{.}5\%.$ What is your payoff on that FRA? Note you should calculate this value at the maturity of the FRA, which is month $6.$