Question
Design a class that determines the monthly home mortgage payment. The monthly payment with interest compounded monthly is calculated as follows:payment = (loan * rate/12
Design a class that determines the monthly home mortgage payment. The monthly payment with interest compounded monthly is calculated as follows:payment = (loan * rate/12 * term) / term - 1 where term = (1 + rate/12)^12*years Note:payment= the monthly required paymentloan= the dollar amount of the loanrate= the interest rateyears= the number of years of the loanThe class should have member functions for setting the loan amount, interest rate, and number of years of the loan. It should also have member functions for returning the monthly payment amount and the total amount paid to the bank at the end of the loan period.It should have a function named calculate, that calculates the monthly payment and stores the result in a member variable. Declare all member variables privateand the constructor, getter and setter functions public.In the main, prompt for the required input values (do not accept negative values), create an object of the home mortgage class, set the values, and output the calculated monthly payment and total amount paid to the bank.Library: You may use the pow function from include for exponentials.
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