Usage: mortgagepmt [-s] -r rate [-d downpayment] price In this assignment, you are asked to do a mortgage payment calculation. All information needed for this will be passed to the program on the command line. There will be no user input during the execution of the program.
Ocelot/PuTTY(C Language)
Through this programming assignment, the students will learn to do the following:
- Learn to work with command line options and arguments
- Gain more experience with Makefiles
- Gain more experience with Unix
- Learn to use some of the available math funtions available with C
Usage: mortgagepmt [-s] -r rate [-d downpayment] price
In this assignment, you are asked to do a mortgage payment calculation. All information needed for this will be passed to the program on the command line. There will be no user input during the execution of the program.
You will need a few pieces of information. The price of the home and the amount of the down payment. You will also need to know the interest rate and the term of the mortgage. To figure your mortgage payment, start by converting your annual interest rate to a monthly interest rate by dividing by 12. Next, add 1 to the monthly rate. Third, multiply the number of years in the term of the mortgage by 12 to calculate the number of monthly payments you’ll make. Fourth, raise the result of 1 plus the monthly rate to the negative power of the number of monthly payments you’ll make. Fifth, subtract that result from 1. Sixth, divide the monthly rate by the result. Last, multiply the result by the amount you want to borrow.
To figure your mortgage payment follow these steps:
1. Start by converting your annual interest rate to a monthly interest rate by dividing by 12.
2. Next, add 1 to the monthly rate.
3. Multiply the number of years in the term of the mortgage by 12 to calculate the number of monthly payments you’ll make.
4. Raise the result of step 2 to the negative power of the number of monthly payments you’ll make.
5. Subtract that result from 1.
6. Divide the monthly rate by the result from step 5.
7. Multiply the result by the amount you want to borrow.
In addition, you will add on PMI of 1% of the amount borrowed/12 if the down payment is less than 20% of the price of the home. This will stay the same for the life of the loan.
To give a sample for you to test your program, a mortgage of 100,000 at an interest rate of 5% with no down payment, the payment would be 536.82 plus PMI.
1. 0.004166667
2. 1.004166667
3. 360
4. 0.2238265956
5. 0.7762
6. 0.00536822
7. 536.82
Add PMI since there is no down payment:
1. 1% * 100000 = 1000
2. 1000 / 12 = 83.33
3. 536.82 + 83.33 = 620.15
Options:
-s is optional and means that the mortgage will be a 15 year mortgage instead of the standard 30 year mortgage you would use as a default.
-r is required and the argument is the yearly interest rate for the loan. The interest rate should be between 3% and 10% inclusive.
-d is optional and the argument is the downpayment that will be made on the loan. It cannot be larger than the price of the home.
You will print out the resulting payment amount as follows. Use rounding to keep money to two decimals and percentages to three decimals.
"The payment on a loan of $###,###.## with an interest rate of #.###% for a term of ## years will be $##,###.##"
There should be no other output at all to the screen.
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