Question

C# Create an application that will allow a loan amount, interest rate, and number of finance years to be entered for a given loan.

Determine the monthly payment amount. Calculate how much interest will be paid over the life of the loan. Display an amortization schedule showing the new balance after each payment is made.

Design an object-oriented solution.

Use two classes. Loan class: characteristics such as the amount to be financed, rate of interest, period of time for the loan, and total interest paid will identify the current state of a loan object. Include methods to determine the monthly payment amount, return the total interest paid over the life of the loan, and Loantable function to display an amortization schedule that include: number of the cycle, payment amount, principal paid, interest paid, total interest paid, balance

LoanTest class: In the main class: instantiate an object of the loan class. Allow the user to input data about the loan. Then use Loantable function to display the Loan information.

Monthly Payment Formula: get monthly payment A from Loan Amount P, Interest Rate i, and Loan Period n.

Answer 1

class Loan
{
// class variables declared
public decimal numberFinanceYears { get; set; }
public double InterestRate { get; set; }
public double LoanAmount { get; set; }
  
   // method to calculate monthly payment
public decimal CalculateMonthlyPayment()
{
decimal payment = 0;

if (numberFinanceYears > 0)
{
if (InterestRate != 0)
{
               // calculating payment
decimal rate = ((InterestRate / 12) / 100);
decimal factor = (rate + (rate / (Math.Pow(rate + 1, numberFinanceYears*12) - 1)));
payment = (LoanAmount * factor);
}
           else payment = (LoanAmount / (decimal)numberFinanceYears*12);
}
       LoanAmount = LoanAmount - payment/factor; // decreasing total loan amount per month
return Math.Round(payment, 2);
}
}

class LoanTest
{
   void Main()
   {
       // Creating loan object
       Loan loan = new Loan();
       loan.numberFinanceYears = 5;
       loan.InterestRate = 6.0;
       loan.LoanAmount = 100000;
       int count = 1;
      
       // breaking condition
       while(numberFinanceYears*12 < count)
       {
           printLoanInformation(loan, count);
           count++;
       }
   }

   // Printing monthly payment data
   void printLoanInformation(Loan loan, int month)
   {
       Console.WriteLine("Installment: {0:C}", month);
       Console.WriteLine("Loan Amount: {0:C}", loan.LoanAmount);
       Console.WriteLine("Annual Interest Rate: {0}%", loan.InterestRate);
       Console.WriteLine("Term: {0} years)", loan.LoanTermYears);
       decimal Payment = loan.CalculatePayment();
       Console.WriteLine("Monthly Payment: {0:C}", Payment);
       Console.WriteLine();
   }

}