Mortgage MAT 215 Test 1 (lab) Data types, string input, constants, functions Wri

Question

Mortgage MAT 215 Test 1 (lab) Data types, string input, constants, functions Write a C++ program to compute the monthly mortgage pay 1. Get input: Read in the following information about the client: Fall 2017 Dr. Ye nts, mathematical functions, type casting, formatting output. ment. Steps: First name, middle initial, last name Amount of loan L ·Mortgage term in years N (# of years). allow spaces in a nam 2. Compute the monthly mortgage payment using the following formula: pi.L where L is the amount of the loan in dollars, P is the monthly payment, i is the monthly interest rate (i-1+ 12, where 1 is the annual interest rate), n is the mortgage term in months (n number of monthly payments Nx12) Note: In the program, treat the annual interest rate I as a constant 3. Display the result in a neat format, with the result rounded to 2 decimal places. The factors affecting the program score include program format, compiling and execution correctness, output format. Here is a sample output: Enter your first name: John Enter your middle initial: z Enter your last name: Doe, Jr. Currently, the annual interest rate is 4.068. Now please enter the amount of loan: $300000 In how many years do you want to pay off the loan? 15 MONTHLY MORTGAGE PAYMENT CALCULATION Client: John 2. Doe, Jr. Loan amount: $300000.00 Loan Term: 180 Months Annual Interest Rate: 4.06% Monthly Payment: $2228.09

Explanation / Answer

#include <iostream>

#include<math.h>

using namespace std;

int main() {

// your code goes here

char f_name[10],m_name[10],l_name[10];

float L,P,n,N;

float x,y,I=4.06,i,p;

cout<<" Enter the First name:";

cin>>f_name;

cout<<" Enter the Middle name:";

cin>>m_name;

cout<<" Enter the Last name:";

cin>>l_name;

cout<<" Currently the annual Interest is "<<I;

cout<<" Now please Enter the amount of loan";

cin>>L;

cout<<" In how many years do you want to pay back the loan";

cin>>N;

i=I/12;

n=N*12;

x-1+i;

y=pow(x,n);

p=((i*y)/(y-1));

P=p^L;

cout<<" MONTHLY MORTAGE PAYMENT CALCULATION ";

cout<<" -----------------------------------";

cout<<" tClient :"<<f_name<<" "<<m_name<<" "<<l_name;

cout<<" loan amount :"<<L;

cout<<" Loan term :"<<N;

cout<<" Annual Interest Rate :"<<I;

cout<<" ****Monthly payment : $"<<P;

return 0;

}

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