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mplement this C program using at least three arrays to store the interest, principle and balance after each payment respectively. For example, interest[0] stores the paid interest in the first payment. Besides, please use three pointers to visit the element in the three arrays separately. Name this C program as loanCalcPtr.c

mplement this C program using at least three arrays to store the interest, principle and balance after each payment respectively. For example, interest[0] stores the paid interest in the first payment. Besides, please use three pointers to visit the element in the three arrays separately. Name this C program as loanCalcPtr.c

C++ Programming: From Problem Analysis to Program Design
C++ Programming: From Problem Analysis to Program Design
8th Edition
ISBN:9781337102087
Author:D. S. Malik
Publisher:D. S. Malik
Chapter8: Arrays And Strings
Section: Chapter Questions
Problem 20PE
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Implement this C program using at least three arrays to store the interest, principle and balance after each payment respectively. For example, interest[0] stores the paid interest in the first payment. Besides, please use three pointers to visit the element in the three arrays separately. Name this C program as loanCalcPtr.c .

Appendix: 1. Calculating the monthly payment. (Note: The following instruction is from http://www.vertex42.com/ ExcelArticles/amortization-calculation.html) The formula for calculating the payment amount i shown below. where r(1+r)^ (1+r)n-1 A = B- A = payment Amount per period (monthly payment) B = initial Balance (loan amount) r = interest rate per period n = total number of payments or periods Example 1: What would the monthly payment be on a 5-year, $20,000 car loan with a nominal 7.5% annual interest rate? B = $20,000 r = 7.5% per year / 12 months = 0.625%= 0.00625 per period n = 5 years * 12 months = 60 total periods 0.00625 (1+0.00625)60 A = 20000 * = 400.76 (1+0.00625 )60-1 2. Calculating the Principal(P), Interest(INT) and Balance(B) for each payment. The formula is shown below. INT(n) = B(n-1) *r; P(n) = A INT(n); B(n)= B(n-1) - P(n); Where INT (n), P (n) and B(n) are the paid principal, paid interest and new balance for the nth payment. And B (0) means the loan amount.
Transcribed Image Text:Appendix: 1. Calculating the monthly payment. (Note: The following instruction is from http://www.vertex42.com/ ExcelArticles/amortization-calculation.html) The formula for calculating the payment amount i shown below. where r(1+r)^ (1+r)n-1 A = B- A = payment Amount per period (monthly payment) B = initial Balance (loan amount) r = interest rate per period n = total number of payments or periods Example 1: What would the monthly payment be on a 5-year, $20,000 car loan with a nominal 7.5% annual interest rate? B = $20,000 r = 7.5% per year / 12 months = 0.625%= 0.00625 per period n = 5 years * 12 months = 60 total periods 0.00625 (1+0.00625)60 A = 20000 * = 400.76 (1+0.00625 )60-1 2. Calculating the Principal(P), Interest(INT) and Balance(B) for each payment. The formula is shown below. INT(n) = B(n-1) *r; P(n) = A INT(n); B(n)= B(n-1) - P(n); Where INT (n), P (n) and B(n) are the paid principal, paid interest and new balance for the nth payment. And B (0) means the loan amount.
Write a C program to calculate monthly payment and print a table of payment schedule for a fixed rate loan, which performs a similar task as in the link below: http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx In this C program, the input and output are defined as following: The attached screenshot below shows a sample of the output. Yuans-MacBook-Pro:PC yuanlong$ ./loanCalc Enter amount of loan $500 Enter Interest rate per year : % 7.5 Enter number of payments : 5 UNH Input: amount of loan, interest rate per year and number of payments Montly payment should be 101.88 45 Output: a table of amortization schedule (also called payment schedule) containing payment number, monthly payment, principal paid, interest paid and new balance at each row. Note: Payment $101.88 $101.88 $101.88 $101.88 $101.88 =====AMORTIZATION SCHEDULE== Principal $98.76 $99.38 $100.00 $100.62 $101.25 Interest $3.12 $2.51 $1.89 $1.26 $0.63 Balance $401.24 $301.87 $201.87 $101.25 $0.00 monthly payments are equal. The way to calculate monthly payment and other values for each row are provided in Appendix. The C program can be implemented within 80 lines of code. If your program is longer than 80 lines, you may need to think about how to simplify your program. Hint: To print out a percentage %, please use %%. You may need to use C math library to calculate the powers of numbers. To compile a C program using math library, you must add option Im at the end of the cc command to link math library. E.g. gcc -o test test.c -lm
Transcribed Image Text:Write a C program to calculate monthly payment and print a table of payment schedule for a fixed rate loan, which performs a similar task as in the link below: http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx In this C program, the input and output are defined as following: The attached screenshot below shows a sample of the output. Yuans-MacBook-Pro:PC yuanlong$ ./loanCalc Enter amount of loan $500 Enter Interest rate per year : % 7.5 Enter number of payments : 5 UNH Input: amount of loan, interest rate per year and number of payments Montly payment should be 101.88 45 Output: a table of amortization schedule (also called payment schedule) containing payment number, monthly payment, principal paid, interest paid and new balance at each row. Note: Payment $101.88 $101.88 $101.88 $101.88 $101.88 =====AMORTIZATION SCHEDULE== Principal $98.76 $99.38 $100.00 $100.62 $101.25 Interest $3.12 $2.51 $1.89 $1.26 $0.63 Balance $401.24 $301.87 $201.87 $101.25 $0.00 monthly payments are equal. The way to calculate monthly payment and other values for each row are provided in Appendix. The C program can be implemented within 80 lines of code. If your program is longer than 80 lines, you may need to think about how to simplify your program. Hint: To print out a percentage %, please use %%. You may need to use C math library to calculate the powers of numbers. To compile a C program using math library, you must add option Im at the end of the cc command to link math library. E.g. gcc -o test test.c -lm
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