Interest rate application? Create an application that displays a monthly payment

Question

Interest rate application?

Create an application that displays a monthly payment on a loan. The application should also display the amount applied to the loan’s principal each month and the amount that represents interest. Use the following names for the solution and project, respectively: Loan Solution and Loan Project. Change the form file’s name to Main Form.vb. The application should use annual interest rates from 2% through 10% in increments of 1%, and use terms from 1 through 30 years. You can use the Financial.PPmt method to calculate the portion of the payment applied to the principal each month. The method’s syntax is Financial.PPmt(Rate, Per, NPer, PV). In the syntax, Rate is the interest rate, NPer is the number of payment periods, and PV is the present value of the loan. The Per argument is the payment period for which you want to calculate the portion applied to the principal. The Per argument must be a number from 1 through NPer. The method returns the calculated value as a Double number. You can either create your own interface or create the one shown in Figure 7-44; the figure shows a sample run of the application. The combo box that gets the interest rate is the DropDown style. The combo box that gets the term is the DropDownList style. The text box that displays the output has its Multiline and ReadOnly properties set to True and its ScrollBars property set to Vertical.

Loan Calculator Principal: Annual interest rate (96) Ierm (years): 4 120000 30 Monthly payment: $572.90 Display Principal and interest: Principal Interest A 172.90 400.00 173.47 399.42 174.05 398.85 174.63 398.27 175.22 397.68 397.10 175.80 176.39 396.51 176.97 395.93

Explanation / Answer

Code For Simple Interest Calculator using VB is as Follows:
As Mentioned, i m using my own interface for the Application (M not taking any inputs, i simply declared inputs in program only).

Private Sub calButton_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles calButton.Click
Dim monthlyPayment As Double
Dim aloanTotal As Double = 5000
Dim irate As Double = 0.005
Dim interest As Double
Dim toPrincipalAmount As Double
Dim toInterestRate As Double
Dim count As Integer

Do
'calculate the montly payments.
monthlyPayment = Math.Abs(Financial.Pmt(0.06 / 12, 12, 5000))
TextBox1.Text = monthlyPayment.ToString("C2")

count = count + 1 'add one to the count
interest = aloanTotal * irate 'calculate interest irate from payment that will only count as interest
toInterestRate = monthlyPayment - interest 'amount of monthly payment going towards interest
toPrincipalAmount = monthlyPayment - toInterestRate ' amount of monthly payment going towards principal
aloanTotal = aloanTotal - toPrincipalAmount 'new balance after deducing principal from begining balance

Label2.Text = toPrincipalAmount.ToString & " " &
toInterestRate.ToString &
ControlChars.NewLine ' concatinate principal and interest strings and create a new line

If count = 12 Then 'exit : loan amount has been reached Zero !!!
Exit Do
End If
Loop
End Sub

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