David breaks down the valuation of an interest rate swap into three steps: 1. The assumptions, which includes understanding the TIMELINE; e.g., we are valuing the stop at some point after origination and it has some remaining life (in this case 15 months); 2. Extracting the implied semi-annual forward rates from the LIBOR zero rate curve; and 3. Modeling the cash flows, in the first part as a series of forward rate agreements (FRAs).

David's XLS is here: https://trtl.bz/2Q4XFCh

David's XLS is here: https://trtl.bz/2Q4XFCh

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