Issues with formula.
closed account (G1pE3TCk)
Hey all, I'm pretty new to C++ so hang with me. I am writing a program to calculate a car loan repayment and I am having issues with what my equation is outputting versus what I should actually be getting. any help would be greatly appreciated.
here is the equation we should be using:
monthly payments= principal * r * (1+r)^n / ((1+r)^n - 1)
here is my code:
payment=(loanamount1*rate1*pow((1+rate1),ltmonths))/(pow((1+rate1),ltmonths)-1);
loanamount1=70000.00
ratel=4.2%=0.042
ltmonths="loan term in months"= it is a 5 year loan, so 5*12=60 months.
I should output a monthly payment of 1295.48. However, the program is outputting 3212.10.
is there something wrong with how I have my formula typed in C++?
here is the equation we should be using:
monthly payments= principal * r * (1+r)^n / ((1+r)^n - 1)
here is my code:
payment=(loanamount1*rate1*pow((1+rate1),ltmonths))/(pow((1+rate1),ltmonths)-1);
loanamount1=70000.00
ratel=4.2%=0.042
ltmonths="loan term in months"= it is a 5 year loan, so 5*12=60 months.
I should output a monthly payment of 1295.48. However, the program is outputting 3212.10.
is there something wrong with how I have my formula typed in C++?
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