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For a term loan with initial principal ( total loan amount ) value of , the monthly payment can be computed with the formula: Where
For a term loan with initial principal total loan amount value of the monthly payment can be computed with the formula:
Where is the monthly interest rate decimal value computed from an annual rate decimal value not percent as and is the number of months in the term of the loan. The total interest paid over the full term of the loan is then
Write a script to determine the total interest paid over the full term of a loan for the following two cases:
Annual interest percentage rate of and a year term. Assign the calculated monthly payment to the variable Paymentyear. Assign the total interest paid to a variable named Interestyear.
Annual interest percentage rate of and a year term. Assign the calculated monthly payment to the variable Paymentyear. Assign the total interest paid to a variable named Interestyear.
Code has already been provided to assign the value of the loan principal and assign it to the variable LoanPrincipal. Do not assign a new value to LoanPrincipal in your script.
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