$$ A firm has a payable of P $22,500,000\mathrm{.}00.$ They hedge this exposure with a forward participation contract with a guaranteed rate of $$0\mathrm{.}3100/$ P and a participation rate of $60\%.$ If at the time of payment the spot price ends up equal to $$0\mathrm{.}3410/$ P$,$ how much will the firm have to pay?

Please anwser with steps and equations easy to understand. The anwser to this problem is $6,975,000.$