In Exercises 31 through 38, write a program to answer the question. Loan When you b...

In Exercises 31 through 38, write a program to answer the question.

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.