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Please code the following question in C++ Part 1 (separate solution): The monthly payment on a loan may be calculated by the following formula: payment
Please code the following question in C++
Part 1 (separate solution):
The monthly payment on a loan may be calculated by the following formula: payment = ((rate * (1+rate)^N) / ((1+Rate)^N - 1)) * L 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 of payments and L is the amount of the loan. Write a program that asks for loan amount, annual rate, and number of payments and displays the following report: Loan Amount: $ 10000.00 Monthly Interest Rate: 1.00 Number of Payments: 36 Monthly Payment: $ 332.14 Amount Paid Back: $ 11957.15 Interest Paid: $ 1957.15 Please enter loan amount: 10000 Please enter annual interest rate as percent: 12 Please enter number payments: 36 Loan Amount: $ 10000.00 Monthly Interest Rate: 1.00 Number of Payments: 36 Monthly Payment: $ 332.14 Amount Paid Back: $ 11957.15 Interest Paid: $ 1957.15
You don't need to round to the nearest penny, or align the output into a table. So, this is OK too: Please enter loan amount: 10000 Please enter annual interest rate as percent: 12 Please enter number payments: 36 Loan Amount: $10000 Monthly Interest Rate: 1 Number of Payments: 36 Monthly Payment: $332.143 Amount Paid Back: $11957.2 Interest Paid: $1957.15
The monthly payment on a loan may be calculated by the following formula: payment-(rate (1+rateN) ((1+RateyN-1)) *L 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 of payments and L is the amount of the loan. Write a program that asks for loan amount, annual rate, and number of payments and displays the following report: Loan Amount : $ 10 000. 00 Monthly Interest Rate: 100 Number of Payments : 36 Monthly Fayment: S 332.14 Amount Paid Back: $ 11957.15 Interest Paid: 1957.15 Please enter loan amount: 10000 Please enter annual interest rate as percent: 12 Please enter number payments: 36 Loan Amount: 10000.00 Monthly Interest Rate: 1.00 Number of 1957.15 Payments: 36 Monthly Payment 332.14 Amount Paid Back: S 11957.15 Interest Paid: You don't need to round to the nearest penny, or align the output into a table. So, this is OK too: Please enter loan amount: 10000 Please enter annual interest rate as percent: 12 Please enter number payments: 36 Loan Amount: Monthly Interest Rate 1 Number of Payments 36 MonthN Payment Amount Pald Back Interest Paid: $10000 $332.143 $11957.2 $1957.15Step by Step Solution
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