Loan Payment Calculation

[myia]

I am looking to solve via formula how to calculate a fixed repayment schedule on an installment loan that has two distinct interest rate periods.

For example:

• $10,000 Loan
• 120 Month Repayment Period
  • First 6 months accrue at 0% interest
  • Remaining 138 months are at 9.95% interest
• Interest calculation method is Actual/365
• Payments are to be fixed throughout the entire 120 month repayment period (i.e. they aren't different for the first 6 months)

 

[mmm4444bot]

Hello. Is this schoolwork?

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[myia]

Yes this is for a programming course where I'm looking to create a button that can run through this calculation "on the fly".

 

[BigBeachBanana]

Yes this is for a programming course where I'm looking to create a button that can run through this calculation "on the fly".

How much understanding do you have on the subject?