In Exercises 17 through 37, write a program containing a For . . . Next loop to carry ou...

In Exercises 17 through 37, write a program containing a For . . . Next loop to carry out the stated task.

Car Loan Consider the car loan discussed in Exercise 35 of Section 6.1. The loan will be paid off after five years. Assume that the car was purchased at the beginning of January 2013, and display the balance at the end of each year for five years. See Fig. 6.32. Note: The last payment will be slightly less than the other payments, since otherwise the final balance would be a negative amount.

Reference 6.1chapter Exercise 35.

Loan When you borrow money to buy a house or a car, the loan is paid off with a sequence of equal monthly payments incorporating a stated annual interest rate compounded monthly. The amount borrowed is called the principal. If the annual interest rate is 6 % (or .06), then the monthly interest rate is .06/12 = .005. At any time, the balance of the loan is the amount still owed. The balance at the end of each month is calculated as the balance at the end of the previous month, plus the interest due on that balance, and minus the monthly payment. For instance, with an annual interest rate of 6 %,

Suppose you borrow $15,000 to buy a new car at 6 % interest compounded monthly and your monthly payment is $290.00. After how many months will the car be half paid off? That is, after how many months will the balance be less than half the principal? See Fig. 6.15.