C++ Language This is to confirm my work, the wording throws me off a bit in understanding how interest works (i.e., whats the purpose of "interest to be paid" , why the deduction, #6, does it need to be displayed on the console, etc etc i don't understand this), I want to make sure I'm doing this right. Thanks. Suppose a loan has a face value of $1,000, the annual interest rate is 15%, and the duration is 18 months. The interest-to-be-paid is computed by multiplying the face value of $1,000 by 0.15, yielding $150. That figure is then multiplied by the loan period of 1.5 years to yield $225 as the total interest owed. That amount is immediately deducted from the face value, leaving the consumer with only $775 (i.e. $1000 - $225). Repayment is made in equal monthly installments based on the face value (i.e. $1000 in this case). 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. The discounted installment loan calculator 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 30 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. ++

Computer Networking: A Top-Down Approach (7th Edition)

7th Edition

ISBN:9780133594140

Author:James Kurose, Keith Ross

Publisher:James Kurose, Keith Ross

Chapter1: Computer Networks And The Internet

Section: Chapter Questions

Problem R1RQ: What is the difference between a host and an end system? List several different types of end...

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C++ Language

This is to confirm my work, the wording throws me off a bit in understanding how interest works (i.e., whats the purpose of "interest to be paid" , why the deduction, #6, does it need to be displayed on the console, etc etc i don't understand this), I want to make sure I'm doing this right. Thanks.

Suppose a loan has a face value of $1,000, the annual interest rate is 15%, and the duration is 18 months.

The interest-to-be-paid is computed by multiplying the face value of $1,000 by 0.15, yielding $150.
That figure is then multiplied by the loan period of 1.5 years to yield $225 as the total interest owed.
That amount is immediately deducted from the face value, leaving the consumer with only $775 (i.e. $1000 - $225).
Repayment is made in equal monthly installments based on the face value (i.e. $1000 in this case).
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.
The discounted installment loan calculator 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 30 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.

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