Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

using C++ program . please make sure to clarify the steps Write a C++ program to solve the following problem. Proper documentation must be included

using C++ program . please make sure to clarify the steps image text in transcribed
Write a C++ program to solve the following problem. Proper documentation must be included in the source file. Problem: Negotiating a personal loan is not always straightforward. One form of loan is the discount installment loan, which works as follows. Suppose a loan has a face value of $1,000, the interest rate is 15%, and the duration is 18 months. The interest is computed by multiplying the face value of $1,000 by 0.15, yielding $150. That figure is then multiplied by the $225 as the total interest owed. That amount is immediately deducted from the face value, leaving the consumer with only $775. Repayment is made in equal monthly installments based on the face value. So the monthly loan payment will be $1,000 divided by 18, which is $55.56. This method of calculation may be alright if the client needs $775, but the calculation is a bit more complicated if the client needs $1,000. Write a program that will take two inputs: the amount the client needs to receive and the interest rate. The program should consider the duration of the loan being 24 months (i.e. a constant value), then calculate the face value required in order for the client to receive the amount needed. It should also calculate the monthly payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Databases questions

Question

fundamentals of taxation

Answered: 1 week ago