Write a C program named loanCalc.c that calculates monthly payment and print a t

Question

Write a C program named loanCalc.c that calculates monthly payment and print a table of payment schedule for a fixed rate loan, which performs a similar task as in the link below: http://www. bankrate.com/calculators/mortgages/loan-calculator.aspx In this C program, the input and output are defined as following: bullet Input: amount of loan, interest rate per year and number of payments bullet Output: a table of amortization schedule (also called payment schedule) containing payment number, monthly payment, principal paid, interest paid and new balance at each row. The attached screenshot below shows a sample of the output. Yuans-MacBook-Pro:PC yuanlong$ ./loanCalc Enter amount of loan: $ 500 Enter Interest rate per year: % 7.5 Enter number of payments: 5 Monthly payment should be 101.88 AMORTIZATION SCHEDULE # Payment Principal Interest Balance 1 $101.88 $ 98.76 $ 3.12 $401.24 2 $101.88 $ 99.38 $ 2.51 $301.87 3 $101.88 $ 100.00 $ 1.89 $201.87 4 $101.88 $ 100.62 $ 1.26 $101.25 5 $101.88 $ 101.25 $ 0.63 $0.00

Explanation / Answer

#include<stdio.h>
#include<math.h>
int main()
{
float r,l,intrest,mp,c,balance,principle;
int n,i;

//taking user input...
printf("Enter loan amount:");
scanf("%f",&l);
printf("Enter interest rate per year:");
scanf("%f",&r);
printf("Number of payments:");
scanf("%d",&n);
c=r/(100*12);
mp=l*c*(pow(1+c,n))/(pow(1+c,n)-1);
printf("monthly amount hould be %f ",mp);

printf("# Paymen  Principle intrest  Balance ");
intrest=r*balance/1200;
balance=l+intrest;
for(i=1;i<=n;i++)//printing output
{
  intrest=r*balance/1200;
  principle=mp-intrest;
  balance =balance-mp;//total amount
  if(balance<0)
   balance=0;
  printf("%d %f% %f %f %f ",i,mp,principle,intrest,balance);
}

return 0;
}

Output:

Enter loan amount:500
Enter interest rate per year:7.5
Number of payments:5
monthly amount hould be 101.882408
#       Paymen          Principle       intrest         Balance
1       101.882408      98.757408       3.125000        398.117584
2       101.882408      99.394173       2.488235        296.235168
3       101.882408      100.030937      1.851470        194.352753
4       101.882408      100.667702      1.214705        92.470345
5       101.882408      101.304466      0.577940        0.000000

Process exited normally.
Press any key to continue . . .

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