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C++ Programming: monthly payment on a loan may be calculated by the following formula: payment = rate x (1+rate)^N / ((1+rate^N-1) xL Should ask for
C++ Programming: monthly payment on a loan may be calculated by the following formula: payment = rate x (1+rate)^N / ((1+rate^N-1) xL
Should ask for user name with display message of the user with his input.
Rate is the monthly interest rate, which is the annual interest rate divided by 12. (12 percent annual interest would be 1 percent monthly interest.) N is the number f payments, and L is the amount of the loan. Write a program that asks for these values then 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 s 1957.15Step by Step Solution
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