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show all steps please. prefer to do it on C++ You're going to buy a house. You need to borrow $200,000 dollars. You want to
show all steps please.
You're going to buy a house. You need to borrow $200,000 dollars. You want to get a feel for the relationship between the interest rate on the loan and how much "Total_interest" you will pay over the life-of-the-loan. You call your bank and ask, "If I borrow $200,000, what would the monthly payment be for a loan at 4%, 5% and 6%. The bank gives you the following payment information for 15 and 30 year loans: 30 year loan Interest Rate (given) 15 year loan Payment/ Total month Interest (given) (You calculate) Interest Payment/ Rate month (given) (given) Total Interest (You calculate) 4% 4% $954.83 $1,479.38 $1,581.59 5% 5% $1,073.64 $1,199.1 6% $1,687.71 6% Assume each month is of equal length. So for a 5% annual interest rate, the interest paid to the bank each month will be: interest_for_this_month = (3.0702200) x loan_balance_during_the_month total_interest = total_interest + interest_for_this_month The new loan balance for the start of the next month will be calculated as: loan_balance = loan_balance - (monthly payment - interest_for_this_month); When the program begins running, have the program ask the user for each piece of necessary data, for example: How many years is your loan? (user inputs 30) Loan amount? (user inputs 200000) (don't use commas] Annual interest rate in percent? (user inputs 5 or 5.0) Monthly payment? (user enters 1073.64) After all data has been entered, the program should run and display financial results for the end of each month. The data to be shown are: The month, the interest paid for that month, the money leftover after subtracting that month's interest from that month's payment, and finally the loan balance at the end of the month. Then after the last payment is made (at the end of 15 yrs or 30 yrs), display the "total_interest" paid over the life of the loan (i.e. the total_interest paid over 15 or 30 years.) See example output below. Loan amount = 200000 Number of years = 30 Interest rate % = 6 Monthly payment = 1199.10 Below is output for the above parameters: Month(1) interest - 1000.00, left_over_payment - 199.10, balance - 199800.90 Month(2) interest =999.00, left_over_payment = 200.10, balance = 199600.80 Month(3) interest -998.00, left over payment - 201.10, balance - 199399.71 Month( 4) interest -997.00, left over payment - 202.10, balance - 199197.61 Month (359) Month(360) interest -11.91, left_over_payment = 1187.19, balance = interest = 5.97, left_over_payment = 1193.13, balance = 1194.18 1.06 Total Interest - 231677.06, Final Balance - 1.06 prefer to do it on C++
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