Example §

Christian borrows 100,000 at 8% per annum compounding monthly, to be repaid over 10 years with repayments of 1213.28 each month. After 5 years, the interest rate is reduced to 7.5% per annum.

N = I% = PV = PMT = FV = ? >>> < this is not 0 due to overpayment P/y = 12 C/y = 12

If you need to find the total interest paid over a loan that has a change in interest rates in teh middle of it, you can find for before the change, and the

-140878.333 60 —> 240 -152602