Amortization schedule with changing payments for first three years

Hello pros! I think this is my first official post, though I've been reading stuff on here for years. So, I knew this was the place to go.

Anyway, here's my scenario (Excel 2010)...

I need to calculate an amortization schedule for a $30,000 settlement structured as followed:
$300/month for year 1
$400/month for year 2
$500/month for years 3 and beyond until paid in full
7% annual, simple interest applies until paid in full

First solution gets a virtual high-five!

Hi there,

Take a look at the attached workbook and see if it does what you need.

The values of all the revant parameters (repayment amounts, repayment periods etc.) can be set so that you can view the details of whatever loan amount/interest rate/repayment scenario is appropriate.

Hope this helps - please let me know how you get on.

Regards,

Greg M