PMT formula with multiple interest rate

[shivanimanna]

Hello

I would like to use the PMT formula to calculate interest rate in situation where interest rate is changing.

For example
Loan Amount = 100,000
Initial Interest Rate = 5% for 24 months
which reverts to 8% for next 276 months

EMI for first 2 years = PMT (0.05/12, 24, 100000, FUTURE_VALUE)
EMI for next 23 years = PMT (0.08/12, 276, FUTURE_VALUE, 0)

 

[shivanimanna]

I am considering to calculate EMI_1 as below:

EMI for first 2 years = PMT (0.05/12, 300, 100000)

 

[shivanimanna]

I am considering to calculate EMI_1 as below:

EMI for first 2 years = PMT (0.05/12, 300, 100000)

I will really appreciate some help on how can I calculate the EMI for the remaining 23 years.

EMI for remaining 23 years = PMT (0.08/12, 300, ???)

 

[MickG]

Try:-
[TABLE="width: 383"]
<colgroup><col width="79" style="width: 59pt; mso-width-source: userset; mso-width-alt: 2816;"> <col width="217" style="width: 163pt; mso-width-source: userset; mso-width-alt: 7708;"> <col width="215" style="width: 161pt; mso-width-source: userset; mso-width-alt: 7651;"> <tbody>[TR]
[TD="class: xl66, width: 79, bgcolor: #92D050, align: right"]£584.59[/TD]
[TD="class: xl64, width: 217, bgcolor: transparent"]=PMT(0.05/12,300,-100000)[/TD]
[TD="class: xl63, width: 215, bgcolor: transparent"]Pmt for 24 mths[/TD]
[/TR]
[TR]
[TD="class: xl65, bgcolor: yellow, align: right"]£95,770.70[/TD]
[TD="class: xl64, bgcolor: transparent"]=FV(0.05/12,24,584.59,-100000)[/TD]
[TD="class: xl63, bgcolor: transparent"]Remaining value @ 24 Mths[/TD]
[/TR]
[TR]
[TD="class: xl66, bgcolor: #92D050, align: right"]£759.90[/TD]
[TD="class: xl64, bgcolor: transparent"]=PMT(0.08/12,276,-95770.7)[/TD]
[TD="class: xl63, bgcolor: transparent"]Pmt for 276 Mths[/TD]
[/TR]
</tbody>[/TABLE]