Question
Payment Schedule
Say you purchase a stereo system chat costs $1,000 on The following credit plan: no down payment, an interest rate of 18% per year (and thus 1.5% per month), and monthly payments of $50. The monthly payment of $50 is used to pay the interest and whatever is left is used to pay part of the remaining debt. Hence the first month you pay 1.5% of $1,000 in interest. That is $15 in interest. So the remaining $35 is deducted from your debt, which leaves you with a debt of $965.00. The next month you pay interest of 1.5% of $965.00 which is $14.43. Hence you can deduct $35.52 ($50 - 14.43) from the amount you owe ($965 - $35.52). Write a program, that will tell you how many months it will take you to pay off the loan, as well as the total amount of interest paid over the life of the loan. Use a loop to calculate the amount of interest and the size of the debt after each month. Your final program, need not output the monthly amount of interest paid and the remaining debt, but you may want to write a preliminary version of the program, that does output these values. Use a variable to count the number of loop iterations, and thus the number of months until the debt is zero. The last payment may be lss than the full monthly payment ($50 in this case) , but count it as a whole month. Be sure to include interest on the last month - you need to calculate the interest into the total owed before you make the payment to see if it's a partial payment. Write the program, to allow multiple loans to be calculated, for as long as the user likes. If the initial debt, the interest rate, or the monthly payment are 0 or negative, don't do the calculation - just output an error message for the user to read and go back for more data. Note that some inputs can be all positive but they won't "work" because the proposed monthly payment won't exceed the interest and the loop would go on forever (obviously, don't loop forever). Kick this out as an error as well (include code for this in the inner loop you're using to catch 0's and negatives.) Data to test / run:
Explanation / Answer
Hi,
Your program is here: http://pastebin.com/blahblah
Kindly review and rate.
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