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:
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)