Question

19. Monthly Payments The monthly payment on a loan may be calculated by the following formula: Rate (1Rate) ((1 Rate)N - 1) Payment - Rate is the monthly interest rate, which is the annual interest rate divided by 12" (12% annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these values and displays a report similar to Loan Amount: Monthly Interest Rate: Number of Payments: Monthly Payment: Amount Paid Back: Interest Paid: $ 10000.00 1% 36 $332.14 11957.15 1957.15 Programming Challenges #19, page 147. In addition, your program should also ask user her/his full name (first, and last name) and display the following message : (if the user's name is John Doe and paid $1957.15 interest based on the input - check the question statement) John Doe paid a total interest in the amount of $1957.15 in 36 months Make sure to follow programming standards. Discussion about programming assignment is allowed, but any copying of parts of the code or homework solutions will resut in a 0 grade for all involved parties and everyone involved will be immediately reported to the authorities. This violates UMSL plagiarism regulations*****

Answer 1

`Hey,

Note: Brother in case of any queries, just comment in box I would be very happy to assist all your queries

//header files

#include<iostream>

#include<math.h>

#include<iomanip>

using namespace std;

int main()

{

//setting precision to two decimal point

cout<<fixed<<setprecision(2)<<endl;

//variables

double LA, MIR, MP, payment, IP, AIR;

int NOP;

//accept the user data

cout<<"Enter the loan amount: ";

cin>>LA;

cout<<"Please enter annual interest rate as percent: ";

cin>>AIR;

cout<<"Please enter number payments: ";

cin>>NOP;

//calculate monthly interest

MIR = AIR/(12*100);

//formula to calculate montly interest rate

MP = (MIR * pow((1+MIR), NOP))/((pow((1+MIR), NOP)-1)) * LA;

//calculate total payment

payment = NOP * MP;

//cal Interest paid

IP = payment -LA;

//displa the output

cout<<"Loan Amount: "<<LA<<endl;

cout<<"Monthly Interest Rate: "<<MIR<<endl;

cout<<"Number of Payments: "<<NOP<<endl;

cout<<"Monthly Payment:$"<<MP<<endl;

cout<<"Amount Paid Back:$"<<payment<<endl;

cout<<"Interest Paid: $"<<IP<<endl;

return 0;

}

Filtestimain.exe Enter the loan amount: 1880e Please enter annual interest rate as percent: 12 Please enter number payments: 36 Loan Amount: 1eeee.ee Monthly Interest Rate: 0.e1 Number of Payments: 36 Monthly Payment: $332.14 Amount Paid Back: $11957.15 Interest Paid: $1957.15 Process returned (exe execution time 18.864s Press any key to continue. O Type here to search ENG 12-21 PM IN 03/06/19

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