long FRA vs long interest rate swap

CFA Level II Derivatives
#1

Does anyone know why a long FRA does not replicate a payer interest rate swap?

I figured that under the long FRA you pay fixed and receive floating interest

under a payer interest rate swap it also seems that you pay the fixed rate and receive floating (or net the difference)

In the Kaplan Schweser practice exam they state that a long floating cap and short floor replicates the swap but not a long interest rate FRA which is strange to me

any one know?

#2

Single-period swap or multi-period swap?

#3

Good point. The swap must be multi-period that’s why it’s not the same as an fra. Seems like that could be the only explanation although they do not explicitly say that it’s a multi period one