Chapter 3, Problem 21PC

Monthly Payments

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

$\text{payment=}\frac{{\text{Rate*(1+Rate)}}^{\text{N}}}{{\text{(1+Rate)}}^{\text{N}}\text{-1}}\text{*L}$

• 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

• L is 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 Payment s:     36

Monthly Payment:     $ 332 .14

Amount Paid Back:     $ 11957 .15

Interest Paid:     $ 1957. 15