Question

Hello I need C++ Code For the Following:

Write a function declaration for a function that computes interest on a credit card account balance. The function takes arguments for the initial balance, the monthly interest rate, and the number of months for which interest must be paid. The value returned is the interest due. Do not forget to compound the interest—that is, to charge interest on the interest due. The interest due is added into the balance due, and the interest for the next month is computed using this larger balance.

Use a while loop that is similar to (but need not be identical to) the one shown in Display 2.14. Embed the function in a program that reads the values for the interest rate, initial account balance, and number of months, then outputs the interest due. Embed your function definition in a program that lets the user compute interest due on a credit account balance. The program should allow the user to repeat the calculation until the user says he or she wants to end the program.

Other Requirements:

The function needs to return interest accrued, not balance.

For the main, should ask for the annual percentage rate in terms of %.

Below is an example showing the accumulation of interest with an initial balance of $100 and a 12% annual rate:

b. balance $100.00 101.00 $102.01 $103.03 $104.06 $105.10 int rate num. Months one month int $1.00 12.00% $1.01 12.00% $1.02 12.00% 12.00% $1.03 $1.04 12.00% $1.05 12.00% end balance $101.00 $102.01 $103.03 $104.06 105.10 $106.15 accrued int $1.00 $2.01 $3.03 $4.06 $5.10 $6.15

Thanks

Answer 1

/**
C++ program that prompts user to enter balance,rate
and number of months and then display a table
formatted with interest earned for given number of months.
*/
//header files
#include<iostream>
#include<iomanip>
using namespace std;
//function prototype
double getInterest(double balance,double rate);
int main()
{

   //declareation of variables
   double balance=0;
   double rate;
   int numMonths;
   double totalInterest=0;
   double interest;
   double endBalance;

   //prompt for balance
   cout<<"\tEnter principle amount : ";
   cin>>balance;
   //prompt for rate
   cout<<"\tEnter rate of interest : ";
   cin>>rate;
   //prompt for num months
   cout<<"\tEnter number of months : ";
   cin>>numMonths;

   cout<<fixed<<setprecision(2);

   //calculate monthly interest rate
   double monthInt=((rate/100.0)/12.0);

   cout<<"balance"
       <<setw(5)<<"int rate"
       <<setw(5)<<"num. Months"
       <<"$"<<"one month int"
       <<"$"<<"end balance"
       <<"$"<<"accured int"<<endl;

   for(int m=1;m<=12;m++)
   {
       //calling getInterest method that returns interest on balance with monht interest
       interest=getInterest(balance,monthInt);
       //add balance and interest and ste to endBl
       endBalance=balance+interest;
       totalInterest+=interest;

       cout<<"$"<<balance
           <<setw(8)<<rate<<"%"
           <<setw(5)<<m
           <<setw(5)<<"$"<<interest
           <<setw(8)<<"$"<<endBalance
           <<setw(8)<<"$"<<totalInterest<<endl;

       //set end balance to balance
       balance=endBalance;
       //reset interest to 0
       interest=0;
   }

   system("pause");
   return 0;
}

/*
The method getInterest that takes balance and rate
and returnst the interest on balance
*/
double getInterest(double balance,double rate)
{
   double mInterest=0;
   mInterest=balance*rate;
   return mInterest;
}

Sample Output:

Enter principle amount Enter rate of interest Enter number of months 100 12 12 balanceint ratenum $108.00 12.00% $101.00 12.00% $102.01 12.00% $103.03 12.00% $104.06 12.00% $105.10 12.00% $106.15 12.00% $107.21 12.00% $108.29 12.00% MonthsSone month int$end $101.00 $102.01 $103.03 $104.06 $105.10 $106.15 $107.21 $108.29 $109.37 $110.46 $111.57 $112.68 balanceSaccured int $1.00 $1.01 $1.02 4 $1.03 $1.04 $1.05 7$1.06 $1.07 $1.08 $109.37 12.00% 10 $1.09 S1.10 $1.12 $1.00 $2.01 $3.03 $4.06 $5.10 $6.15 $7.21 $8.29 $9.37 $10.46 $11.57 S12.68 $110.46 12.00% 11 111.57 12.00% 12