write a c++ loan calculation program that will ask the user to input a loan amou

Question

write a c++ loan calculation program that will ask the user to input a loan amount (in US dollar), a fixed monthly payment amount (in US dolar) , and a fixed annual interest rate ( in percent). assume that the fixed monthly amount will be used to pay (i) the interest accumulated during the month and (ii) a portion of the outstanding principal. calculate and display the total number of monthly payments it will take in order to repay the entire loan. also calculate and display how much of each monthly payment will be used to pay the interest in principal.

Explanation / Answer

//you might want to check the formulas #include using namespace std; int main(){ double loanAmount, fixedMonthly, fixedInterest; int months; double interestpayment,monthinterest; coutloanAmount; coutfixedMonthly; coutfixedInterest; monthinterest=(fixedInterest/12); months=0; for(double amount=loanAmount;amount>0;months++){ cout

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