>>Anyone know how to calculate the payment on a loan where the first XX months are interest free and the remaining months are charged interest? PAYMENT() doesn't work in that situation. I found a good site on loan calculations at http://oakroadsystems.com/math/loan.htm, but it doesn't cover that scenario.
>>
>>Thanks.
>
>This of any help?
>http://www.vertex42.com/ExcelTemplates/arm-calculator.html

That illustrates a changing interest rate, but the payment changes with it. In this case, we know what the interest rate is going to be up front, but the payment needs to stay constant for the life of the loan. So far, I've made an assumption about how much is paid during the interest free period, then calculated the interest for the remaining months, then divided the total into equal payments. The problem is that changes the payment from the assumption I made in the first step, and the process starts all over again. I may be able to iterate until I get within a penny, but I'm hoping to avoid that.

Thanks.