The monthly payment on a loan may be calculated by the following formula: Rate-(1+Rate)N Раутеnt 3D (1+Rate)N. -1 Rate is the monthly interest rate, which is the annual interest rate divided by 12. (A 12 percent annual interest would be 1 percent monthly interest.) N is the number of payments Lis the amount of the loan. Write a program that asks for these values and displays a report similar to the following: Loan Amount: $ 10000.00 Monthly Interest Rate: 1% Number of Payments: 36 Monthly Payment: $ 332.14 Amount Paid Back: $ 11957.15 Interest Paid: $ 1957.15

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
100%
Monthly payment c++
The monthly payment on a loan may be calculated by the
following formula:
N
Раутеnt
Rate-(1+Rate)"
L
(1+Rate)N–1
Rate is the monthly interest rate, which is the annual interest
rate divided by 12. (A 12 percent annual interest would be 1
percent monthly interest.)
N is the number of payments
Lis the amount of the loan.
Write a program that asks for these values and displays a
report similar to the following:
Loan Amount:
$ 10000.00
Monthly Interest Rate:
1%
Number of Payments:
36
Monthly Payment:
$
332.14
Amount Paid Back:
$ 11957.15
Interest Paid:
$
1957.15
Transcribed Image Text:The monthly payment on a loan may be calculated by the following formula: N Раутеnt Rate-(1+Rate)" L (1+Rate)N–1 Rate is the monthly interest rate, which is the annual interest rate divided by 12. (A 12 percent annual interest would be 1 percent monthly interest.) N is the number of payments Lis the amount of the loan. Write a program that asks for these values and displays a report similar to the following: Loan Amount: $ 10000.00 Monthly Interest Rate: 1% Number of Payments: 36 Monthly Payment: $ 332.14 Amount Paid Back: $ 11957.15 Interest Paid: $ 1957.15
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Function Arguments
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.
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