I'm new to C++ and haven't been able to practice some of it because family issues (loss of member)and a busy school schedule. My instructor told us to do a loan calculation program and have no idea to begin with.
Here's the instructions:
write a program to compute the payoff time for a loan. The inputs to the program are the amount that the person will borrow, the annual percentage rate, and the amount that the person wants to pay as monthly payments.
Le'ts suppose that the annual percentage rate is 6% and the amount to borrow is $100,000. Then the monthly interest rate will be 0.5%.
After one month the interest will be 0.005 * 100000 or $500.
If the person's desired monthly payment is less than the first month's interest, your program should report that the monthly payment is too low to ever pay off the loan and exit.
If the desired monthly payment is larger, then your program should present a table of loan balance information: