When you borrow money to buy a house, a car, or for some other purposes, then you typically repay it by making periodic payments. Suppose that the loan amount is L, r is the interest rate per year, m is the number of payments in a year, and the loan is for t years. Suppose that i = (r / m) and r is in decimal. Then the periodic payment is: You can also calculate the unpaid loan balance after making certain payments. For example, the unpaid balance after making k payments is: where R is the periodic payment. (Note that if the payments are monthly, then m = 12.) Instructions Write a program that prompts the user to input the values of L, r, m, t, and k. The program then outputs the appropriate values. Your program must contain at least two functions, with appropriate parameters, to calculate the periodic payments and the unpaid balance after certain payments. Make the program menu driven and use a loop so that the user can repeat the program for different values. Example of expected output: Enter (Y/y) to find the periodic payment and unpaid balance after certain payments: y Enter the loan amount: 20000 Enter the interest rate per year as a percentage: 2.75 Enter the number of payments per year: 12 Enter the number of years for the loan: 30 The periodic payment is: 81.65 Enter the number of payments made: 20 The unpaid balance after 20 payment(s) is : 19267.89 Enter (Y/y) to find the periodic payment and unpaid balance after certain payments: n Format your output with setprecision(2) to ensure the proper numb
Control structures
Control structures are block of statements that analyze the value of variables and determine the flow of execution based on those values. When a program is running, the CPU executes the code line by line. After sometime, the program reaches the point where it has to make a decision on whether it has to go to another part of the code or repeat execution of certain part of the code. These results affect the flow of the program's code and these are called control structures.
Switch Statement
The switch statement is a key feature that is used by the programmers a lot in the world of programming and coding, as well as in information technology in general. The switch statement is a selection control mechanism that allows the variable value to change the order of the individual statements in the software execution via search.
When you borrow money to buy a house, a car, or for some other purposes, then you typically repay it by making periodic payments. Suppose that the loan amount is L, r is the interest rate per year, m is the number of payments in a year, and the loan is for t years. Suppose that i = (r / m) and r is in decimal. Then the periodic payment is:
You can also calculate the unpaid loan balance after making certain payments. For example, the unpaid balance after making k payments is:
where R is the periodic payment. (Note that if the payments are monthly, then m = 12.)
Instructions
Write a program that prompts the user to input the values of L, r, m, t, and k. The program then outputs the appropriate values. Your program must contain at least two functions, with appropriate parameters, to calculate the periodic payments and the unpaid balance after certain payments. Make the program menu driven and use a loop so that the user can repeat the program for different values.
Example of expected output:
Enter (Y/y) to find the periodic payment and unpaid balance after certain payments: y Enter the loan amount: 20000 Enter the interest rate per year as a percentage: 2.75 Enter the number of payments per year: 12 Enter the number of years for the loan: 30 The periodic payment is: 81.65 Enter the number of payments made: 20 The unpaid balance after 20 payment(s) is : 19267.89 Enter (Y/y) to find the periodic payment and unpaid balance after certain payments: n
Format your output with setprecision(2) to ensure the proper number of decimals for testing!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
