Question

Use coding langues C ++

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 will ask the user to enter these value and then displays a report that shows:

• Loan Amount
• Monthly Interest Rate
• Number of Payments
• Monthly Payments
• Amount Paidback
• Interest Paid

Format your dollar amount in fixed-point notation, with two decimal places of precision.

Answer 1

// PLEASE LIKE THE SOLUTION
// FEEL FREE TO DISCUSS IN COMMENT SECTION
// C++ PROGRAM

#include<bits/stdc++.h>
using namespace std;

// main function
int main(){
  
   // loan amount
   double loanAmount;
   double rate;
   int N;   // number of payments

   // ask user for details
   cout<<"Enter the loan amount: ";
   cin>>loanAmount;

   cout<<"Enter the rate in %: ";
   cin>>rate;
   rate = rate/100;

   cout<<"Enter number of Payments: ";
   cin>>N;

   // variables
   double monthlyPayment;
   double AmountPaid;
  
   //
   monthlyPayment = ((rate*(pow(rate+1,N)))/((pow(rate+1,N))-1))*loanAmount;

   // amount paid back
   AmountPaid = monthlyPayment*N;

   // print by proper formatting
   cout << "Loan amount            $" <<setprecision(2)<<fixed<<loanAmount<<endl;

   cout<<"Monthly Interest Rate   "<<rate*100 <<"%"<<endl;
   cout << "Number of Payments      "<< N << endl;
   cout << "Monthly Payment        $" <<setprecision(2)<<monthlyPayment<<endl;
   cout << "Amount Paid Back       $" <<setprecision(2)<<AmountPaid<<endl;
   cout << "Interest Paid          $" <<setprecision(2)<<(AmountPaid-loanAmount)<<endl;

   return 0;
}

// SAMPLE OUTPUT