Financial Calculator: You will develop a program for a bank that will allow it t

Question

Financial Calculator: You will develop a program for a bank that will allow it to process loans for customers. The user will enter information, such as interest rate, length of loan, amount borrowed, or desired payment, and the program will compute the missing information. It will also be able to display a report showing the amortization schedule for the loan. Customer data should be able to be saved and retrieved from a file or files. Add arrays to your program to handle more data.

Add arrays to your program to handle more data.. Then use arrays to store the answers to multiple questions so that you can compute a total score.

program would be to declare an array of type string and store the questions to the array elements. Or, for each question have an array that stores the five possible answers.

Explanation / Answer

Here is the coding segment as per the criteria, please go through it:-

//==============================================

#include <iostream>

using namespace std;

int main()

{

double monthly_Payment;

double balance_Amount;

double interes_tRate;

double interest_Paid;

double initial_Balance_Amount;

double Loan_terms;

double month = 1;

cout.setf(ios::fixed); // These codes force currency format in output to 2 decimal pts

cout.setf(ios::showpoint);

cout.precision(2);

cout << "Enter the current balance_Amount of your loan: $";

cin >> balance_Amount;

cout << "Enter the interest rate (compounded monthly) : ";

cin >> interes_tRate;

cout << "Enter the desired monthly payment : $";

cin >> monthly_Payment;

initial_Balance_Amount = balance_Amount;

while (interes_tRate >= 1) /*Converts the interest rate to a decimal if the user inputs in percentage form*/

{

interes_tRate = interes_tRate / 100;

}

balance_Amount = balance_Amount * (1 + interes_tRate / 12) - monthly_Payment;

cout << "After month 1 your balance_Amount is $" << balance_Amount << endl;

while (balance_Amount > 0)

{

if (balance_Amount < monthly_Payment)

{

balance_Amount = balance_Amount - balance_Amount;

}

else

{

balance_Amount = balance_Amount * (1 + interes_tRate / 12) - monthly_Payment;

}

month = month++;

cout << "After month " << month << ", your balance_Amount is : $" << balance_Amount << endl;

}

cout << "You have paid off the loan. Congratulations!" << endl;

Loan_terms = month;

interest_Paid = (monthly_Payment * Loan_terms) - initial_Balance_Amount;

cout << "You paid a total ammount of $" << interest_Paid << " in intrest." << endl;

return 0;

}

////===================================================

Please run these codes into your window and check out the output.

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