Greetings,
I am working on writing a C++ program and am relatively new in doing so. I am finding computer programming interesting and enjoy learning how to write the source code. If anyone could take the time to aid me in writing my program I would be greatly appreciative.
The purpose of this programming project is to write a C++ program to calculate a car loan payoff table to see how long it would take to pay off a car loan for a given value car. For example, if you borrow $10,000 at an annual interest rate of 12% (12%/12 per month) with a monthly payment of $150, in the first month you will pay $100 interest and still owe $9,950. How many months would it be before the loan is paid off?
Month Principle Interest Payment
1 10,000.00 100.00 150.00
2 9,950.00 99.50 150.00
3 9,899.50 99.00 150.00
4 9,848.50 98.49 150.00
I need to write a program to solve the problem. User input will include the amount of the loan, the interest rate (in percent), and the monthly payment amount, and the program prints out the length of the loan in years and months and the total amount paid in interest over the life of the loan.
Can anyone kindly take a few minutes and give me some help?