I am not sure how to do this because I am very new to C++! I know some basic information, but it's not enough to write this program. I wanna ask some one who can write a source code for me so could see and learn.
The Monthly payment on a loan may be calculated by 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% annual interest would be 1 percent monthly interest.) n is the number of payments and L is the amount of loan.
Write a program that asks for these values and 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
1. ask user to enter loan amount
2. store it in 'loan' double variable
3. ask user for monthly rate
4. store it in 'rate' double variable
5. ask user number of payments made
6. store it in 'n' int variable
7. declare an double variables for payment(monthly), paid_back,interest_paid.
(IF the user enter rate for one year, divide it by 12)
1. Rate will be in percentage, convert it into decimal(e.g. rate=rate/100)