Question
A cost of a stereo system is $1000 on the following credit plan: no down payment , an interest rate of 18% (1.5 % per
A cost of a stereo system is $1000 on the following credit plan: no down payment , an interest rate of 18% (1.5 % per month) and a monthly payment of $50. The monthly payment of $50 is used to pay the interest and whatever left is used for the debt. So the first month you pay 1.5% of 1000 in interest. thats is 15 dollars in interest. the remaining 35 is deducted from your debt. which leaves you with a debt of 965. next month you pay 1.5% interest of 965 which is 14.48, you can deduct 35.52(50-14.48) from what you owe. Write as program that prints how many months it will take to pay off the loan, as well as total number of interest paid over the life of loan, use a loop to calculate the amount of interest and the size of debt after each month.(Careful with the amount of payment if the remaining balance due is 50) Please do it as C++
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