)
2
k
Ikn
Rebate
−
=
BAL
k
= (n − k) × PMT − Rebate
k
Graduated Payment Mortgage
n = total number of payments in the loan
I = interest rate per payment period, as a decimal
A = number of payments per year
B = number of years that payments increase
C = percentage increase in periodic payments (as a decimal)
PMT
1
= amount of the first payment
PV = amount of the loan.
() ()
()
()
()
+
+−
+
+
−+
+−
=
−−
−
AB
ABn
B
BA
I
I
I
C
Q
Q
I
I
PMTPV
1
11
1
11
11
)(
1
where:
()
1
1
1
−
+
+
=
A
I
C
Q
Skipped Payments
A = number of payments per year.
B = number of years.
C = annual percentage rate as decimal.
D = periodic payment amount.
E = loan amount.
K = number of last payment before payments close the first time.
L = number of skipped payment.
+−
=
−AB
A
C
E
D
11
END
−
++
+−
+
−
+
×
−−−
1111
11
KLAKAA
A
A
C
A
C
A
C
A
C
A
C
A
C
D
D
+
=
1
END
BEGIN
To Next Page
Loading...
Need help?
General
Weight and Dimensions
