Problem statement: The monthly payment on a loan may be calculated by the follow

Question

Problem statement: The monthly payment on a loan may be calculated by the following formula:

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 the 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

Problem statement: The monthly payment on a loan may be calculated by the following formula: 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 the loan. Write a program that asks for these values and displays a report similar to:

Explanation / Answer

#include <iostream>
#include <cmath>
using namespace std;

int main()
{
float annualInterestRate; // user
float monthlyInterestRate; // calc
float loanAmount; // user
float monthlyPayment; // calc
float numberOfPayments; // user

cout << "Enter the annual interest rate as a percent: ";
cin >> annualInterestRate;

cout << "Enter the number of payments: ";
cin >> numberOfPayments;

cout << "Enter the loan amount: ";
cin >> loanAmount;

monthlyInterestRate = (annualInterestRate / 12);
monthlyPayment = ((monthlyInterestRate * (pow (1 + monthlyInterestRate, numberOfPayments)))
/ ((pow (1 + monthlyInterestRate, numberOfPayments) - 1)) * loanAmount);

cout << "Loan Amount: " << loanAmount << endl;
cout << "Monthly Interest Rate: " << monthlyInterestRate << endl;
cout << "Number of Payments: " << numberOfPayments << endl;
cout << "Monthly Payment: " << monthlyPayment << endl;
cout << "Amount Paid Back: " << monthlyPayment * numberOfPayments << endl; // enter
cout << "Interest Paid: " << monthlyPayment * numberOfPayments - loanAmount << endl; //enter

return 0;
}

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