Answer to Question #183002 in C++ for Vincenzo Santoro

Question

Interest on a credit card’s unpaid balance is calculated using the average daily balance.

Suppose that netBalance is the balance shown in the bill, payment is the payment made, d1 is the number of days in the billing cycle, and d2 is the number of days payment is made before billing cycle.

Then, the average daily balance is:

averageDailyBalance = (netBalance * d1 – payment * d2) / d1

If the interest rate per month is, say, 0.0152, then the interest on the unpaid balance is:

interest = averageDailyBalance * 0.0152 

Instructions

Write a program that accepts as input netBalance, d1, payment, d2, and interest rate per month (interestRate).

The program outputs the interest.

Format your output to two decimal places.

Answer 1

#include <iostream>
#include <iomanip>

using namespace std;
	

	int main()
	{
	    double netBalance,d1,payment,interest,d2,monthlyInterestRate,averageDailyBalance;

	    cout << "Enter the net Balance: ";
	    cin >> netBalance;
	    cout << "Enter payment made: ";
	    cin >> payment;
	    cout << "Enter number of days in the billing cycle: ";
	    cin >> d1;
	    cout << "Enter number of days payment is made before billing cycle: ";
	    cin >> d2;
	    cout  << "Enter interest per month ";
	    cin >> monthlyInterestRate;
	

	    averageDailyBalance = (netBalance * d1 - payment * d2)/d1;
	    interest = averageDailyBalance * monthlyInterestRate;
	

	    cout <<endl<< "Interest  " << interest << endl;
	    return 0;
	}