The actual, unannualized rate on the 60-day loan is:
R60 = 0.028 × 60/360 = 0.00467
The actual, unannualized rate on the 150-day loan is:
R150 = 0.033 × 150/360 = 0.01375
So the rate on a 90-day loan to be made 60 days from now is:
FR (60,90) = ((1 + R150)/(1 + R60)) − 1
FR (60,90) = (1.01375/1.00467) − 1
FR (60,90) = 1.00904 − 1
FR (60,90) = 0.904%
We annualize this rate using the formula:
0.904% × (360/90) = 3.62%
