Financial Math: Calculating Monthly Payment for ARM Part 2

In Part 1, we used a formula to calculator to determine the beginning regular monthly payment in an Adjustable Rate Mortgage, and in Part 2, we find the monthly payment for the second installment period when the index rate rises.

[diamondsears]

Diamond S. 11AM Thurs "if you're using a Texas Instruments calculator when you hit equals it is already saved as the ans functions"

[elainesuarezperez]

Elaine Suarez
MGF1107 11 am
The use of ANS is helpful to memorize the answer of the denominator.

[laurenm]

Lauren Modestil
MGF1107
Mon 11am
"Use same formula, except the new interest rate is going to be based on index rate + margin"

[ShaylaArmani]

Shayla Silvano
Thurs. 11am-12:15pm
"T is referring to the time that's left on the loan".

[LilBBQ]

Miguel Orozco
Monday 11am
"And we're gonna divide that by the value of the denominator, hitting memory recall."

[sarahbernadin]

Alias Monday’s 11am “You have to find the value to get the balance.”

[tennilleriley]

How did you get the new balance? Did you have to use the remaining balance formula?

[jacquelinechance]

Jacqueline Monday 11am MFG1107 #652388 find videos very easy to follow, found the recall of the answer from the memory of the calculator as denominator particularly helpful

[SuperCrazypabs]

Hi, this is great, however I have a slightly more tricky question. What is you have a Mortgage that is 240months and the first 24months are at fixed at 10% then changes to 11.5%, however you know this is going to change after the initial 24months and you just want a single payment value for the entire term of the mortgage. The example above demonstrates a changing payment, I just want a static payment though. How would I achieve this in a single formula? Thanks in advance. M