问题如下图：
老师，算settlement就是算payoff吧
选项：
A. 
B. 
C. 
D. 
解释：
NO.PZ2016082402000059 问题如下 Consir the buyer of a 6×96\times96×9 FRThe contrarate is 6.35% on a notionamount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%. Assume a 30/360-y count basis. -12,500 -12,290 +12,500 +12,290 ANSWER: BThe seller of FRA agrees to receive fixe Sinrates are now higher ththe contrarate, this contramust show a loss for the seller. The loss is $10,000,000 x (6.85%-6.35%) × (90/360) = $12,500 when paiin arrears (i.e., in nine months). On the settlement te (i.e., brought forwarthree months), the loss is $12,500/(1+6.85% × 0.25) = $12,290. No.PZ2016082402000059 (选择题)来源: HanookConsir the buyer of a 6×96×9 FRThe contrarate is 6.35% on a notionamount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%. Assume a 30/360-y count basis.问题settlement rate是指什么，因为一般算value，都是拿FRA rate 去和对应期间（6-9）市场利率进行对比，再折现到6时间点求value，这个题目只是给出了settlement rate，它是指对应期间的int，还是指9时间点的rate，为什么叫settlement rate？
NO.PZ2016082402000059问题如下Consir the buyer of a 6×96\times96×9 FRThe contrarate is 6.35% on a notionamount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%. Assume a 30/360-y count basis.-12,500 -12,290 +12,500 +12,290 ANSWER: BThe seller of FRA agrees to receive fixe Sinrates are now higher ththe contrarate, this contramust show a loss for the seller. The loss is $10,000,000 x (6.85%-6.35%) × (90/360) = $12,500 when paiin arrears (i.e., in nine months). On the settlement te (i.e., brought forwarthree months), the loss is $12,500/(1+6.85% × 0.25) = $12,290.FRA这个谁减谁容易搞混，可以理解为len就是short，就是执行价格-市场价格，这个的fra就是执行价格，这样理解对吗？有什么记忆方式吗？
NO.PZ2016082402000059 问题如下 Consir the buyer of a 6×96\times96×9 FRThe contrarate is 6.35% on a notionamount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%. Assume a 30/360-y count basis. -12,500 -12,290 +12,500 +12,290 ANSWER: BThe seller of FRA agrees to receive fixe Sinrates are now higher ththe contrarate, this contramust show a loss for the seller. The loss is $10,000,000 x (6.85%-6.35%) × (90/360) = $12,500 when paiin arrears (i.e., in nine months). On the settlement te (i.e., brought forwarthree months), the loss is $12,500/(1+6.85% × 0.25) = $12,290. 老师你好，已确认我的计算器的计算顺序是科学计算器。在计算%的时候有问题，计算6.85%-6.35%我的输入顺序是【6.85】【%】【-】【6.35】【%】但是计算的结果不是0.5%。我发现计算器是算的（【6.85】【%】【-】【6.35】）在整体%，这是为啥呢，好奇怪啊
NO.PZ2016082402000059问题如下 Consir the buyer of a 6×96\times96×9 FRThe contrarate is 6.35% on a notionamount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%. Assume a 30/360-y count basis.-12,500 -12,290 +12,500 +12,290 ANSWER: BThe seller of FRA agrees to receive fixe Sinrates are now higher ththe contrarate, this contramust show a loss for the seller. The loss is $10,000,000 x (6.85%-6.35%) × (90/360) = $12,500 when paiin arrears (i.e., in nine months). On the settlement te (i.e., brought forwarthree months), the loss is $12,500/(1+6.85% × 0.25) = $12,290.这道题为什么最后是×利率而不是利率的次方
NO.PZ2016082402000059问题如下 Consir the buyer of a 6×96\times96×9 FRThe contrarate is 6.35% on a notionamount of $10 million. Calculate the settlement amount of the seller if the settlement rate is 6.85%. Assume a 30/360-y count basis.-12,500 -12,290 +12,500 +12,290 ANSWER: BThe seller of FRA agrees to receive fixe Sinrates are now higher ththe contrarate, this contramust show a loss for the seller. The loss is $10,000,000 x (6.85%-6.35%) × (90/360) = $12,500 when paiin arrears (i.e., in nine months). On the settlement te (i.e., brought forwarthree months), the loss is $12,500/(1+6.85% × 0.25) = $12,290.这块儿题干最后一句话有什么用
