Mortgager Project objective: WRITE an C++ program with COMMENTS and ALSO MAKE an

Question

Mortgager

Project objective: WRITE an C++ program with COMMENTS and ALSO MAKE an pseudocode containing an amortization schedule for a loan, formatted according to directions below.

Given the principal P, or amount borrowed, annual interest rate R in percent form, and term of the loan T in years, write a modularized C++ program that will calculate the monthly mortgage payment MP according to:

MP = (( P * i ) / ( (1 + i)t – 1 / ( 1 + i )t)) = ( P * i )( 1 + i )t / (( 1 + i )t – 1)

where i is the monthly interest rate (as a decimal, not a percent) and t is the term of the loan in months.

Generate an amortization schedule of payments, and for each month (beginning with month 0 when the loan is taken out), output a table with the following column headings:

Month #

Balance Owed

Interest Accrued (over that month)

Payment Made (at end of the month)

For each month the interest paid should be the interest accrued during that month, and the payment made should be the payment made at the end of that month.

Determine the total cost of the mortgage (the sum of all the payments made), and the total interest paid over the term of the loan (the sum of all monthly interest accrued.

Prompt the user for P, R, and T (be careful with your use of R and T).

Output the results to a file and inform the user of the output file name. The output file should contain:

A summary of the input parameters and the monthly payment required, followed by the amortization table, then finally the total cost of the loan and the total interest paid.

YOU CAN ONLY USE THIS in the header

<iostream>

<iomanip>

<fstream>

<string>

<cmath>

<cstdlib>

<ctime>

<cctype>

<cstring>

Explanation / Answer

#include //For input/output streams #include //For math used in program #include //Output manipulator #include //Used for output file #include //Use with strings using namespace std; int main() { //Variable identifiers string firstName, lastName; //User information int month; //Month int payments; //Number of payments char answer; //Answer quit/start double loanAmount; //Loan amount double anIntRate; //Yealy interest Rate double monIntRate; //Monthly interest rate double monthPayment; //Monthly payment double balance; //Balance due double monthPrinciple; //Monthly principle paid double monthPaidInt; //Month interest paid cout

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