The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment. Write a program that takes the purchase price as input. The program should display a table, with appropriate headers, of a payment schedule for the lifetime of the loan. Each row of the table should contain the following items:
The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment.
Write a
- The month number (beginning with 1)
- The current total balance owed
- The interest owed for that month
- The amount of principal owed for that month
- The payment for that month
- The balance remaining after payment
The amount of interest for a month is equal to balance × rate / 12.
The amount of principal for a month is equal to the monthly payment minus the interest owed.
Given :-
The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment.
Write a program that takes the purchase price as input. The program should display a table, with appropriate headers, of a payment schedule for the lifetime of the loan. Each row of the table should contain the following items:
- The month number (beginning with 1)
- The current total balance owed
- The interest owed for that month
- The amount of principal owed for that month
- The payment for that month
- The balance remaining after payment
The amount of interest for a month is equal to balance × rate / 12.
The amount of principal for a month is equal to the monthly payment minus the interest owed.
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