A "discount" loan is one where the total interest on the loan is deducted right off the top from the amount of the loan. You effectively pay back the interest on the loan immediately and then pay the principal in equal installments. (The project instructions give a detailed example.) That means if you want $1,000 in hand right away, the face value of the loan must be more than $1,000. Your program calculates the face value of such a loan based on the amount of money you want to get in hand right away. Write a program that will take three inputs: the ammount the consumer needs to recieve, the interest rate, and the duration of the loan in months. The program should then calculate the face value required in order for the consumer to receive the ammount needed. It should also calculate the monthly payment. Your program should allow the calculations to be repeated as often as the user wishes. |
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n=p-rpt |
p=n/1-rt |
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Well, i am not into these types of financial calculations, but the program works (the same output as the example) when you change 1 2 finalFaceValue = faceValue + totalInterest; to 1 2 finalFaceValue = faceValue; |