Write a C++ program which calculates remaining balances for repaying a loan, as
ID: 3667009 • Letter: W
Question
Write a C++ program which calculates remaining balances for repaying a loan, as follows:
A sample run of your program should look like:
Enter amount of loan: 30000
Enter interest rate: 5.5
Enter monthly payment: 345.60
YEAR 1
Month Interest Principal Balance
------- ----------- ----------- --------------
1 137.50 208.10 29791.90
2 136.55 209.05 29582.85
3 135.59 210.01 29372.83
4 134.63 210.97 29161.86
5 133.66 211.94 28949.92
6 132.69 212.91 28737.01
7 131.71 213.89 28523.12
8 130.73 214.87 28308.25
9 129.75 215.85 28092.39
10 128.76 216.84 27875.55
11 127.76 217.84 27657.71
12 126.76 218.84 27438.88
________ ________
Year Totals: 1586.08 2561.12
(continue with years 2 and 3)
Explanation / Answer
#include<iostream.h>
#include<conio.h>
using namespace std;
int main()
{
float loan_amt,interest_rate,mon_payment;
cout<<“Enter the amount of loan”;
cin>>loan_amt;
cout<<“Enter the interest rate”;
cin>>interest_rate;
cout<<“Enter the monthly payment”;
cin>>mon_payment;
interest_rate=interest_rate/100;
balance=balance*(1+interest_rate/12)-mon_payment;
cout<<“Total balance is”;
cout<<“total remaining after first year”;
cout<<“”total remaining after second year”;
cout<<“”total remaining after third year”;
return 0;
}
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