Question

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

Payment =    Rate * (1 + Rate)^N
((1 + Rate)^N -1)

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 (Input) 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

Plz write a program for C++

Answer 1

Source Code:

Output:

Code in text format (See above images of code for indentation):

#include<iostream>
#include<cmath>
#include<iomanip>
using namespace std;
/*main function*/
int main()
{
   /*variables*/
   double Rate,N,L,Payment,total;
   /*read loan payment from user*/
   cout<<"Enter Loan Amount: ";
   cin>>L;
   /*read interest rate from user*/
   cout<<"Enter Monthly Interest Rate: ";
   cin>>Rate;
   /*read number of payments from user*/
   cout<<"Enter Number of Payments: ";
   cin>>N;
   Rate=Rate/100;
   /*calculate monthly payment*/
   Payment=L*((Rate*(pow(1+Rate,N)))/(pow(1+Rate,N)-1));
   /*total amount to be paid*/
   total=Payment*N;
   cout<<fixed<<setprecision(2)<<endl;
   /*print report*/
   cout<<"Loan Payment:\t$"<<L<<endl;
   cout<<"Monthly Interest Rate:\t"<<Rate*100<<"%"<<endl;
   cout<<"Number of Payements:\t"<<N<<endl;
   cout<<"Monthly Payment:\t$ "<<Payment<<endl;
   cout<<"Amount Paid Back:\t$ "<<total<<endl;
   /*calculate interest and print*/
   L=total-L;
   cout<<"Interest Paid:\t$ "<<L;
  
   return 0;
}