Reading 54: Currency forward contract question remember, question, contract

Mechanic

The formula for the price of a currency forward contract is an easy one to remember, but it helps me to fully conceptualize it in order to memorize it easier.
Anyway, the formula is displayed in the CFAI material as:
[Spot/(1+Rf)^T] x (1 + R)^T
It goes on to say: “recall that in pricing equity forwards, we always reduced the stock price by the PV of the dividends and then compounded the resulting value to the expiration date. We can view currencies in the same way [i.e., just think of the interest as dividends].
If that were the case, wouldn’t the equation look like:
[Spot - (1/(1+Rf)^T] x (1+ R)^T
I guess I just can’t figure out why we’re dividing the Spot Rate by (1+Rf)^T ?
Thanks for the help!