Kim wants to buy a car. Help Kim compute the monthly payment on a loan, given the loan amount, the annual percentage rate of interest, and the number of monthly payments. The program should allow Kim to input the loan amount, interest rate, and how many payments she wants to make. It should then compute and display the monthly payment. You will need the following variables: Payment LoanAmt InterestRate MonthlyRate NumberMonths You will need the following formulas: MonthlyRate = InterestRate/1200 Note: when the user enters InterestRate as a percentage, it must be divided by 100 to make it a decimal (i.e., 18% = 18/100 = 0.18). The InterestRate offered by car dealers is an annual rate so this must be divided by 12 to get the MonthlyRate. The formula given above combines the two steps (i.e., annual rate of 18% = 18/100 = 0.18 and the monthly rate is 0.18/12 = 0.015 or 18/(100*12) = 18/1200. Payment = LoanAmt * MonthlyRate * (1 + MonthlyRate)^NumberMonths ÷ ((1 + MonthlyRate)^NumberMonths – 1) Note: The formula must be entered carefully, exactly as shown.

Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
icon
Related questions
Question

Use Raptor to answer the following questions

. Kim wants to buy a car. Help Kim compute the monthly payment on a loan,
given the loan amount, the annual percentage rate of interest, and the number of monthly payments. The program should allow Kim to input the loan
amount, interest rate, and how many payments she wants to make. It should
then compute and display the monthly payment.
You will need the following variables:
Payment LoanAmt InterestRate
MonthlyRate NumberMonths
You will need the following formulas:
MonthlyRate = InterestRate/1200
Note: when the user enters InterestRate as a percentage, it must be divided
by 100 to make it a decimal (i.e., 18% = 18/100 = 0.18). The InterestRate
offered by car dealers is an annual rate so this must be divided by 12 to get
the MonthlyRate. The formula given above combines the two steps (i.e.,
annual rate of 18% = 18/100 = 0.18 and the monthly rate is 0.18/12 =
0.015 or 18/(100*12) = 18/1200.
Payment = LoanAmt * MonthlyRate * (1 +
MonthlyRate)^NumberMonths ÷ ((1 +
MonthlyRate)^NumberMonths – 1)
Note: The formula must be entered carefully, exactly as shown.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Introduction to Coding
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Database System Concepts
Database System Concepts
Computer Science
ISBN:
9780078022159
Author:
Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:
McGraw-Hill Education
Starting Out with Python (4th Edition)
Starting Out with Python (4th Edition)
Computer Science
ISBN:
9780134444321
Author:
Tony Gaddis
Publisher:
PEARSON
Digital Fundamentals (11th Edition)
Digital Fundamentals (11th Edition)
Computer Science
ISBN:
9780132737968
Author:
Thomas L. Floyd
Publisher:
PEARSON
C How to Program (8th Edition)
C How to Program (8th Edition)
Computer Science
ISBN:
9780133976892
Author:
Paul J. Deitel, Harvey Deitel
Publisher:
PEARSON
Database Systems: Design, Implementation, & Manag…
Database Systems: Design, Implementation, & Manag…
Computer Science
ISBN:
9781337627900
Author:
Carlos Coronel, Steven Morris
Publisher:
Cengage Learning
Programmable Logic Controllers
Programmable Logic Controllers
Computer Science
ISBN:
9780073373843
Author:
Frank D. Petruzella
Publisher:
McGraw-Hill Education