Loan Calculator The most common types of loans are mortgage loans, which are used to...

Loan Calculator The most common types of loans are mortgage loans, which are used to finance the purchase of a house, and car loans. A loan consists of four components—amount, interest rate, duration, and periodic payment. The purpose of this programming project is to calculate the value of any one of the components given the values of the other three components.

We will assume that the duration is in months, that interest (given as a percent) is compounded monthly, and that payments are made monthly. Currently home mortgages typically have an interest rate of about 4 % and a duration of 30 years (360 months). Car loans typically have an interest rate of about 6 % and a duration of between 3 and 5 years (36 to 60 months).

Four built-inVisual Basic financial functions that perform loan calculations are as follows:

Pmt(interest rate / 1200, duration, –amount) gives the monthly payment

1200 * Rate(duration, monthly payment, –amount) gives the stated interest rate

PV(interest rate / 1200, duration, –monthly payment) gives the amount of the loan

NPer(interest rate / 1200, monthly payment, –amount) gives the duration of the loan in months

Write a program in which the user specifies a value to calculate, enters the three other values, and clicks on the Calculate Value button. See Fig. 5.42. Before any calculations are made, the program should use a function to validate that a radio button is checked and that the values entered into the three text boxes corresponding to unchecked radio buttons are valid.