Description
The monthly payment on an installment loan may be calculated using the following formula:
where: R is the annual interest rate divided by 12 (expressed as a decimal),
N is the total number of payments over the life of the loan
L is the loan amount
Your program will:
- Ask the user for their name, the amount of the loan, the annual interest rate, and the number of years of the loan.
- Calculate the monthly payment, total amount paid, and interest amount
- You will have to use the pre-defined function pow (see page 131)
- Output the results in the following format: (using your values, this is an EXAMPLE)
-
Name:
MacKay
Loan Amount:
$
10000.00
Monthly Interest Rate:
1%
Number of Payments:
36
Monthly Payment:
$
332.14
Total Amount Paid:
$
11957.15
Interest Amount:
$
1957.15