MarginofSafety

1st q asks: equivalent to a pay-fixed i.e. receive floating
2nd q asks: equivalent to a receive-fixed, i.e pay-floating
1st answer : The determination dates for the floating rate will be at months 6, 12, and 18
2nd answer: The first FRA is entered into at time 0 with the payment determined at 6 months .
I don’t see a difference ( or problem ) . The FRA is a forward agreement on swaps to be priced 6,12 months hence and paid 12,18 months later in both questions ( 1st one has one more 6 month tenor). Both cases identical for 1st two payments , determination and payment terms .
The FRA is a contract without a preset price , just an obligation to price and pay at the current rate 6 months later