Question

C++

Write a program that outputs an amortization schedule for a given loan.

• Must be written using user-defined functions
• must take at least 1 argument
• Output number of months, payment, interest to pay, principle to pay, and ending balance

Answer 1

C++ Program:

#include <iostream>

#include <cmath>

#include <iomanip>

using namespace std;

void amortizationLoan(int years, double principal,double InterestRate);

int main()

{

  int years;

  double  principal;

  double  InterestRate;

cout << "Please enter the Loan amount that has taken: ";

  cin>> principal;

cout << "Please enter the interst: ";

  cin >> InterestRate;

cout << "Please enter the number of years: ";

  cin >> years;

amortizationLoan(years,principal,InterestRate);

return 0;

}

void amortizationLoan(int years, double principal,double InterestRate)

{

  double  periodicInterestRate = InterestRate / 12;

  int NumMonths = years * 12;

  double  payment = principal * periodicInterestRate / (1 - pow(1 + periodicInterestRate, -NumMonths));

  cout.setf(ios::fixed);    

  cout.precision(2);    

cout << "My payment is: " << payment << endl;

double  balance = principal;

  double  total_interest = 0;

  double  total_principal = 0;

int months = 0;

  for (int i = 1; i <= NumMonths; i++)

  {

    double  to_interest = balance * periodicInterestRate;

    double  to_principal = payment - to_interest;

    total_interest += to_interest;

    total_principal += to_principal;

balance -= (payment - to_interest);

months++;

  }

cout<<"number of months: "<<months<<"\n";

cout<<"Interest to pay: "<<total_interest <<"\n";

cout<<"principle to pay: "<<total_principal<<"\n";

cout<<"ending balance: "<<balance<<"\n";

cout<< "Total Paid including interest: "<<total_principal+total_interest;

}

OUTPUT:

Please enter the Loan amount that has taken: 30000
Please enter the interst: 0.08
Please enter the number of years: 3
My payment is: 940.09
number of months: 36
Interest to pay: 3843.27
principle to pay: 30000.00
ending balance: -0.00
Total Paid including interest: 33843.27