Programming Exercise 3.10

Instructions

The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment.

Write a program that takes the purchase price as input. The program should display a table, with appropriate headers, of a payment schedule for the lifetime of the loan. Each row of the table should contain the following items:

The month number (beginning with 1)

The current total balance owed

The interest owed for that month

The amount of principal owed for that month

The payment for that month

The balance remaining after payment

The amount of interest for a month is equal to balance rate / 12.

The amount of principal for a month is equal to the monthly payment minus the interest owed.