C Programming.Use Code: :Blocks to write a program to solve this problem. Loan p
ID: 3674703 • Letter: C
Question
C Programming.Use Code: :Blocks to write a program to solve this problem.
Loan payments.
Compute a table that shows a monthly payback schedule for a loan. The principle amount of the loan, the annual interest rate, and the monthly payment amount are to be read as inputs. Calculate the monthly interest rate as 1/12 of the annual rate. Each month, rst calculate the current interest = the monthly rate * the loan balance. Then add the interest amount to the balance, subtract the payment, and print this new balance. Continue printing lines for each month until the normal payment would exceed the loan balance. On that month, the payment amount should be the remaining balance and the new balance becomes 0. Print a neat loan repayment table following this format:
Payment schedule for $1000 loan at 0.125 annual interest rate and monthly payment of $100.00
Month Interest Payment Balance
--------------------------------------------------------
1 10.42 100.00 910.42
2 9.48 100.00 819.90
... ... ... ...
10 1.66 100.00 60.99
11 0.64 61.63 0.00
--------------------------------------------------------
Notes: Be careful of your pennies and rounding. Add up your result and make sure it is correct, as if you do NOT do anything special for the rounding issue, your result will be incorrect. The incorrect lines are NOT shown in the Book/PDFs.
SAMPLE INPUT:
1000
.125
100
SAMPLE OUTPUT:
Spring 2016 Problem#4 CSCI1110
----PARTIAL SAMPLE OUTPUT:
8 3.68 100 256.66
Explanation / Answer
#include <stdio.h>
int main (void)
{
/*declaring variables for printing table*/
float prin_amount, interest_rate, monthly_payment, monthly_amount,m_ins,current_ins;
int m;
/*reading principle amount of the loan, the annual interest rate, and the monthly payment amount*/
printf("Enter priniciple amount ");
scanf("%f", & prin_amount);
printf("Enter Interest rate:");
scanf("%f", &interest_rate);
printf("Enter Monthly Payment:");
scanf("%f", &monthly_payment);
//calculating monthly interest
m_ins= interest_rate/12;
//calculating loan balance i.e balance amount
loan_balance= (prin_amount + (prin_amount*m_ins))- monthly_payment;
//initialize month=1
m=1;
printf("---------------------------------------------------------");
printf("Month Interest Payment Balance");
//for month1
Printf("%d %.2f %2f %2f ",m, m_ins, monthly_payment, loan_balance);
//executes until monthly payment is grater than loan balance
while(monthly_payment>loan_balance)
{
m++;
current_ins= m_ins* loan_balance;
loan_balance= (loan_balance+ (loan_balance* current_ins)) – (monthly_payment);
//calculates monthly payment
if(loan_balance <monthly_payment)
monthly_payment =
(monthly_payment – (monthly_payment- loan_balance))+( loan_balance* current_ins);
Printf("%d %.2f %2f %2f ",m, current_ins, monthly_payment, loan_balance);
}//while
printf("---------------------------------------------------------");
return 0;
}//main
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