Chapter 3, Problem 19PC

Monthly Payments

The monthly payment on a loan may be calculated by the following formula.

$\text{Payment = }\frac{\text{Rate × }{\left(\text{1 + Rate}\right)}^{\text{N}}}{\left({\left(\text{1 + Rate}\right)}^{\text{N}}-1\right)}\times \text{L}$

Rate is the monthly interest rate, which is the annual interest rate divided by 12. (12 percent annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these values then displays a report similar to:

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