(17B/19B) GPM: initial payment

[Gil]

My program, with the solver, enables the person to choose the variable to be solved, and not only PMT (in which case a simple division solves the problem).
1) The person might, for instance, decide to accept a more expensive bank, starting paying back monthly 480 for 12 months, then 480×1.075 during the next 12 months, etc., and try to calculate the charged annual interest rate I%Y. With the solver, the answer is straightforward here:12.1345% (effective 12.8327%).
2) Or, at the same bank, the person can only pay back 400 the first 12 months, then an increasing amount every year during 5 years. How much should the client paid back monthly in the second year? Press then the Solver for IG%Y (G for Growth), to find 12.7759% —> monthly payments during the 2nd year = 400×1.127759 = 451.1037.
3) I could decide not to have any Growth payment (IG%=0 snd/or #of years of Growing payments, YG, = 0), and have C/YR = 3 (or 6, 2, 1...) and P/YR = 12 (or 6,2,1...), FV≠0, and calculate the monthly PMT to be paid.