Answer to Question #13491 in C++ for Darryl kaye

Question

You have just purchased a stereo system that cost $1000 on the following credit plan: no downpayment,an interest rate of 18% per year (and hence 1.5% per month), and monthly payments of $50. that the monthly payment of $50 is use to pay the monthly interest,and what ever is left is use to pay part of the remaining debt. hence,the first monthly pay 1.5% of $1000,or $15 in interest.The remaining $35 is deducted from your debt,which leaves you with a debt of $965. The next month you pay interest of 1.5% of $965,which is $14.48. Hence,you can deduct $35.52 ($50 - $14.48)from the amount you owe.Write a program that will tell you how many months it will take you to pay off the loan as well as the total amount of interest paid over the life of the loan use a loop to calculate the interest in size of debt after each month (your final program did not output the monthly interest in remaining debt but you may want to write a primary version of the progam does output this values). continue next page....