Answered step by step
Verified Expert Solution
Question
1 Approved Answer
19. Monthly Payments The monthly payment on a loan may be calculated by the following formula: Rate (1Rate) ((1 Rate)N - 1) Payment - Rate
19. Monthly Payments The monthly payment on a loan may be calculated by the following formula: Rate (1Rate) ((1 Rate)N - 1) Payment - Rate is the monthly interest rate, which is the annual interest rate divided by 12" (12% annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these values and displays a report similar to Loan Amount: Monthly Interest Rate: Number of Payments: Monthly Payment: Amount Paid Back: Interest Paid: $ 10000.00 1% 36 $332.14 11957.15 1957.15 Programming Challenges #19, page 147. In addition, your program should also ask user her/his full name (first, and last name) and display the following message : (if the user's name is John Doe and paid $1957.15 interest based on the input - check the question statement) John Doe paid a total interest in the amount of $1957.15 in 36 months Make sure to follow programming standards. Discussion about programming assignment is allowed, but any copying of parts of the code or homework solutions will resut in a 0 grade for all involved parties and everyone involved will be immediately reported to the authorities. This violates UMSL plagiarism regulations*****
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started