Question
C++ Design a class named Loan that will determine the monthly payment on a home mortgage. The monthly payment with interest compounded monthly can be
C++ Design a class named Loan that will determine the monthly payment on a home mortgage. The monthly payment with interest compounded monthly can be calculated as follows:
Payment = (Loan * (Rate / 12) * Term) / (Term 1)
Where Term = (1 + Rate / 12) ^ (12 * Years)
Payment = the monthly payment
Loan = the dollar amount of the loan
Rate = the annual interest rate
Years = the number of years of the loan
The class must have the following member variables and member functions:
Your class should have the following private member variables:
double amount, rate, years
Your class should have the following public member functions:
Default Constructor
Zeros out all member variables
2nd Constructor
Accepts values for the amount, rate and number of years and writes them into the appropriate member variables.
void setAmount (double a);
void setRate (double r);
void setYears (double y);
Sets the values of the member variables.
double getAmount () const;
double getRate () const;
double getYears () const;
Retrieves the values of the member variables.
double getPayment ()const;
Calculate and return the monthly payment amount.
double getTotalPaid ()const;
Calculate and return the total amount paid to the bank at the end of the loan period.
Demonstrate the class in a program that thoroughly tests all public member functions. Get the necessary data from user input. Use the appropriate constructor based on user input. Output monthly payment amount and total amount paid to the bank at the end of the loan.
Write your class and program.
Save your class description in a file named Loan.h. Save your class member variables in a file named Loan.cpp
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