Hello everyone, This is a tad off-topic, but I'm at my wits end. I'm working on a loan calculator for our load advisors to give an estimated monthly payment. We had one, but it was really bad (gave horribly wrong information) and I've had to re-write it. The particular question about this loan calculator is on a graduated repayment type. This is where the loan pretty much starts off paying only interest and then increases the payments by a certain percentage (graduation factor) every time the rate increase is supposed to happen (graduation term)... which is usually two years. I've looked all over google, wikipedia, and I've even called our servicers (who you'd think would help you out, but instead they just tell you they can't give me those calculations). I have found a few other calculators online that do this sort of thing, but I can't exactly see the source code that way ;) This seems like a somewhat standard calculation for loans and interest bearing accounts. Does anyone know how to calculate the graduation factor? I've been able to figure out it's based off the loan term, loan balance, and initial interest rate. Example: $30,000 balance 6% initial interest rate 20 year loan term with those variables you would get a graduation factor of 6.95% So, the first payment would be $166.53, and then after the graduation term (2 years) the payment would increase to $178.10, then two years later increase again, and so on. That differnce in payment is pretty close to the graduation factor. It's probably off due to the rounding. Thanks for placating me when grasping for straws ;) -- Ray Hauge Programmer/Systems Administrator American Student Loan Services www.americanstudentloan.com 1.800.575.1099 -- PHP General Mailing List (http://www.php.net/) To unsubscribe, visit: http://www.php.net/unsub.php
