Question

using Matlab program:

1. Create a loan payment program that can be used for any loan amount such as a home or car loan. The program should ask the user for the input values below, compute the monthly payment, then compute the monthly balance. Display the balance in a table

Month             Balance

1                      $ ##.##

2                      $ ##.##

3                      $ ##.##       . . . etc

Use the formula PMT=P*(r(1+r)^n)/((1+r)^n-1)

PMT = the monthly payment.

P = the principal

r = the interest rate per month, which equals the annual interest rate divided by 12

n = the total number of months

You can know if you have it right when the last month’s balance is $0.

Answer 1

clc; clear; close all; format bank; format compact

principal = input('Enter principal: ');
interest_rate = input('Enter annual interest rate: ');
months = input('Enter total number of months: ');
monthly_interest_rate = interest_rate/1200;

PMT = principal*(monthly_interest_rate*(1+monthly_interest_rate)^months)/((1+monthly_interest_rate)^months-1);

initialBalance = PMT*months;

printf('Month Balance\n');
i=1;

while(i<=months)
initialBalance = initialBalance - PMT;
printf('%d %.2f\n', i, abs(initialBalance));
i = i+1;
end