# Calculating the PV and the Remaining Payments for Loans with Steps

I thought I was able to figure this out, but unfortunately my numbers did not work. If someone would please help with this scenario, then that would be greatly appreciated.

Say I'm taking out a \$110,000 loan at 5% (compounded monthly) to be paid back on a 60 month term (it will commence on the 1st of the month, so interim does not play a role here). My first three payments are deferred, but I will owe three contact payments of \$100 each. How would I properly calculate the amount of the other 57 payments?

My goal is to turn this into an Excel spreadsheet that calculates after plugging in the variables above, but I fear my =PV and =PMT formulas are incorrect. Any insight there, as well, would be very helpful.

Thanks, everyone.

• If you are taking out a loan, the lender will provide you with the amortization schedule. Or is this homework for a course and not really a question about a problem that you are facing in your personal life? Mar 4, 2014 at 0:02
• Ha, I've been out of school too long for this to be homework (which is also why I'm having a hard time remembering how to do this). I have been given an amortization schedule, which is the problem: I am trying to double-check the work since they won't tell me how it was computed, and my math doesn't match theirs. Mar 4, 2014 at 17:18