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The Monthly payment calculation
I am not sure how to do this because I am very new to C++
The Monthly payment on a loan may be calculated by following formula:
Payment = Rate * (1+rate)^n/((1+Rate)^n-1)
Rate is the monthly interest rate, which is the annual interest rate divided by 12.(12% annual interest would be 1 percent monthly interest.) n is the number of payments and L is the amount of loan.
Write a program that asks for these values and displays a report similar to:
Loan amount: $10000.00
Monthly interest rate: 1%
Number of payments: 36
Monthly Payment: $332.14
Amount paid back: $11957.15
Interest paid: $1957.15
The Monthly payment on a loan may be calculated by following formula:
Payment = Rate * (1+rate)^n/((1+Rate)^n-1)
Rate is the monthly interest rate, which is the annual interest rate divided by 12.(12% annual interest would be 1 percent monthly interest.) n is the number of payments and L is the amount of loan.
Write a program that asks for these values and displays a report similar to:
Loan amount: $10000.00
Monthly interest rate: 1%
Number of payments: 36
Monthly Payment: $332.14
Amount paid back: $11957.15
Interest paid: $1957.15
Last edited on
Get the user to input the information you need. Store it in variables and then apply the changes from the formula. Then just print them to the user in the specified output.
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