You have just purchased a stereo system that cost $1,000 on the following (pretty bad) credit plan: no down payment, an interest rate of 18% per year (1.5% per month), and monthly payments of $50. The monthly payment of $50 is used to pay the interest first, and whatever is left is used to pay part of the remaining debt (similar to a mortgage). For example: the first month you pay 1.5% on $1,000 or $15 in interest and the rest ($35) is deducted from your debt, which puts you at a debt of $965.00. In the second month, your interest is $14.48 (1.5% of $965.00) and from your $50 payment, only $35.52 go towards the debt, leaving you with $929.48 in debt and so on. Write a program that will tell you how many months it will take you to pay off the loan, as well as the total amount of interest paid over the life of the loan and the overall amount paid. Use a loop to calculate the amount of interest and the size of the debt after each month. The last payment may be less than $50 if the debt is small, but do not forget the interest. If you owe exactly $50.00 for your last month, then your monthly payment of $50 will not pay off your debt, though it will come very close (one months interest on $50.00 is 75 cents).

Break down the program into functions that perform parts of the computations, similar to the question above. Output current values for all variables that are part of the loan in a table as follows (use 2 decimal places for variables that need it and right-align each column):

Month # Interest Principal Balance Total Interest Total Paid

1 $15.00 $35.00 $965.00 $15.00 $50.00

2 $14.48 $35.52 $929.48 $29.48 $100.00

etc