Question

C++ Program - Loan Payment Report

Please write a C++ program to generate a detail loan payment report from the first month until the loan balance becomes zero or less than ten cents.

You may use a while loop such as: while (loanBalance >= monthPayment) { … }.

When the loanBalance is less than the monthPayment, you need to compute the final payment amount, which should be the loanBalance plus its interest of one month.

For example, if your last-month’s loan balance is $47.12, which is less than the monthly payment of $50.00, then its final payment should be $47.83 because $47.12 plus its interest $0.71 (= 47.12 * 0.015) is $47.83.

Please make sure that your report is very user-friendly and easy to read.

Your report must first show the following headline: (for example)

Loan amount: _______       Annual Interest Rate: _______       Monthly Payment: _______

Your report must then have the following 5 columns for each month’s payment until the loan balance is equal to 0 or less than 0.10:

Month #                     // Start from 1 for first month, 2 for second month, and so on

Month-Payment        // Same for every month until the very last payment to pay off the loan balance

Interest-Paid             // current_loanBalance * Monthly_Interest_Rate

Debt-Paid                  // monthPayment - Interest_Paid

Loan-Balance            // Last_Month_loanBalance - Debt_Paid

Your report must have the following line at the end to show the total interest amount being paid:

Total Amount of Interest Paid:   $______________  

Your loan payment report layout must look as the following example:

Loan amount: $1000.00       Annual Interest Rate: 18.00%       Monthly Payment: $50.00

Month#           Month-Payment        Interest-Paid          Debt-Paid         Loan-Balance

----------            -------------------         ----------------        ---------------        -----------------

1                      $50.00                         $15.00                    $35.00                  $965.00

2                      $50.00                         $14.48                    $35.52                  $929.48

- -                    - - - - -                         - - - - -                     - - - - -                   - - - - - -          

21                   $50.00                         $2.86                      $47.14                  $143.53

22                    $50.00                         $2.15                     $47.85                  $95.68

23                    $50.00                         $1.44                      $48.56                  $47.12

24                    $47.83                         $0.71                     $47.12                  $0.00

Total Amount of Interest Paid:    $197.83     

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Answer 1

Program

#include <iostream>
using namespace std;

int main()
{
   double monthlyPayment;
   double balance;
   double interestRate;
   double totalinterestPaid=0;
double Interest_Paid;
   int month = 1;

   cout.setf(ios::fixed);   // To print output in 2 decimal pts
   cout.setf(ios::showpoint);
   cout.precision(2);

   cout << "Enter the current balance of your loan: $";
   cin >> balance;
   cout << "Enter the interest rate : ";
   cin >> interestRate;
   cout << "Enter the desired monthly payment : $";
   cin >> monthlyPayment;

   cout<<"\nLoan amount: $"<<balance<<"\tAnnual Interest Rate: "<<interestRate<<"%"<<"\tMonthly Payment: $"<<monthlyPayment<<endl;
   cout<<"\nMonth# \tMonth-Payment\tInterest-Paid\tDebt-Paid\tLoan-Balance"<<endl;
cout<<"------ \t-------------\t-------------\t----------\t-----------"<<endl;

   while (interestRate >= 1) //Converts the interest rate to a decimal
   {
       interestRate = interestRate / 100;
   }

   while (balance > monthlyPayment)
   {
Interest_Paid=balance * interestRate/12;
totalinterestPaid+=Interest_Paid;
balance = balance * (1 + interestRate / 12) - monthlyPayment;
cout<<month<<"\t\t"<<monthlyPayment<<"\t\t"<<Interest_Paid<<"\t\t"<<monthlyPayment - Interest_Paid<<"\t\t"<<balance<<endl;
month = month+1;
}
   Interest_Paid=balance* interestRate/12;
   monthlyPayment=balance+Interest_Paid;
   balance= balance * (1 + interestRate / 12) - monthlyPayment;
   totalinterestPaid+=Interest_Paid;
cout<<month<<"\t\t"<<monthlyPayment<<"\t\t"<<Interest_Paid<<"\t\t"<<monthlyPayment - Interest_Paid<<"\t\t"<<balance<<endl;

cout << "\nTotal Amount of Interest Paid :$" << totalinterestPaid<< endl;

   return 0;
}

Output

nter the current balance of your loan: $1000 nter the interest rate18 nter the desired monthly payment $50 oan amount: $1000 .00 Annual Interest Rate: 18.00% Monthly Payment: $50.00 onth# Month-Payment Interest-Paid Debt-Paid Loan-Balance 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 47.83 15.00 14.47 35.00 35.52 36.06 36.60 37.15 37.70 38.27 38.84 39.43 40.02 40.62 41.23 41.85 42.47 43.11 43.76 44.41 45.08 45.76 46.44 47.14 47.85 48.56 47.12 965.00 929.48 893.42 856.82 819.67 781.97 743.70 704.85 665.42 625.40 584.79 543.56 501.71 459.24 416.13 372.37 327.95 282.87 237.11 190.67 143.53 95.68 47.12 0.00 13.94 13.40 12.85 12.30 11.73 10.57 9.98 9.38 8.77 4 .53 6.89 6.24 6 4.92 4.24 2.86 1.44 0.71 otal Amount of Interest Paid :$197.83