The simple interest on a loan is calculated by the formula:
interest = principal * rate * days / 365;
The preceding formula assumes that rate is the annual interest rate, and therefore includes the division by 365 (days). Develop a pseudo code program that will input principal, rate and days for several loans, and will calculate and display the simple interest for each loan, using the preceding formula and also draw flow chart of your program. Here is a sample input/output dialog:
Enter loan principal (-1 to end): 1000.00
Enter interest rate: .1
Enter term of the loan in days: 365
The interest charge is $100.00
Enter loan principal (-1 to end): 1000.00
Enter interest rate: .08375
Enter term of the loan in days: 224
The interest charge is $51.40
Enter loan principal (-1 to end): -1
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Expert's answer
2017-09-25T16:31:00-0400
Dear AQRehman, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order
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