Question

(financial application: loan amortization schedule c++). The monthly payment for a given loan pays the principal and the interest. the monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining principal). the principal paid for the month is therefore the monthly payment minus the monthly interest. write a program that lets the user enter the loan amount, number of years, and interest rate, then displays the amortization schedule for the loan.

Answer 1

#include <iostream>
#include <conio.h>


using namespace std;

int _tmain(int argc, _TCHAR* argv[])
{

cout<<"Loan Amount: ";
int loanAmount;
cin>>loanAmount;
double balance = loanAmount;
cout<<"Number of Years: ";
int numberOfYears;
cin>>numberOfYears;
cout<<"Annual Interest Rate In Percent: ";
double annualInterestRate;
double k;
cin>> k;
annualInterestRate=k/100;
double monthlyInterestRate = annualInterestRate / 12;
double monthlyPayment = loanAmount * monthlyInterestRate / (1 - 1 / pow(1 + monthlyInterestRate, numberOfYears *
12));
double totalPayment = monthlyPayment * numberOfYears * 12;

printf("
Monthly Payment: $%.2f", monthlyPayment);
printf("
Total Payments: $%.2f", totalPayment);

printf("

Payment # Interest Principal Balance
");
for (int month = 1; month <= numberOfYears * 12; month++) {
double monthlyInterest = monthlyInterestRate * balance;
double principal = monthlyPayment - monthlyInterest;
balance = balance - principal;

printf("%d $%.2f $%.2f $%.2f
", month, monthlyInterest, principal, balance);
}
getch();
return 0;
}