A forward rate agreement (FRA) is a loan that starts in the future ("forward start loan") but where principal is not lent; instead, the notional is referenced to determine the interest paid. The FRA contract specifies a fixed rate of interest. The seller (buyer) is lending (borrowing) at the fixed rate.
David's XLS is here: https://www.dropbox.com/s/ry95k4cmvsbk5lw/042518-forward-rate.xlsx?st=sahqnu12&dl=0
David's XLS is here: https://www.dropbox.com/s/ry95k4cmvsbk5lw/042518-forward-rate.xlsx?st=sahqnu12&dl=0
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