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- Real Estate
I’m trying to figure out how to extend the formula provided by Chris Degnen in this previous question What is the formula for the monthly payment on an adjustable rate mortgage? to add in a third interest rate, e.g. for an extra 2 years after the 2nd term has run for 5 years. So the question would be:
Calculating fixed repayments for a £100,000 loan repaid by 7 annual payments. The first 2 years at 3%, the following 3 years at 4% and the final 2 years at 5%.
I would appreciate any help on this – thanks in advance!