Here's the problem that I'm looking at just to add some context to my question:

A borrower would like to borrow 30,000 at 8% for 5 years, but would like to pay only 2,000 for the first two years and then catch up with a higher payment for the final three years. What is the payment for the final three years?I understand how to solve the problem using a financial calculator. I was just wondering if there is a formula for finding the the future value of the loan after the first two years.

I can write it out as:

$\displaystyle FV=(((30,000*(1.08))-2,000)*1.08)-2,000$

Which is fine if I only have to find the FV a couple years into the future.

I know that if there were no payments, it'd simply be:

$\displaystyle FV=30,000(1.08^{2})$

I'm just wondering if there is a similar formula that takes payments into account.

Thanks

Nevermind, I found a formula. For anyone interested it's

$\displaystyle BAL_{k}=PV(1+i)^{k}-(PMT*\frac{(1+i)^{k}-1}{i})$