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# Mortgage Monthly Payment

 P: 10 Hi I am new here in this forum: I am writing a C++ program to calculate a Montly Mortgage Payment where the loan amount is 200,000.00 with a 5.75% interest rate with a term of 30 years. My program compiles fine with no errors but my calculation is not working correctly, any suggestions would be great as this assignment is due on Monday: //************************************************** ***** //Program: Calculations Payments //Purpose: To calculate a monthly payment over //Programmer: Cameron Faldeti //Date: 10/23/06 //School: University of Phoenix //Class: POS 440: Introduction To C++ //Instructor: John Williams #include #include #include using namespace std; const double LoanAmount = 200000.00; //Named constant for total loan amount const int term = 30; //Term in years, 30 years, for 12 months in a year const double InterestRate = 0.0575; //Named constant for the interest rate in a percentage used in the loan process. int main() { //variable declarations double MortgageMonthlyPayment; cout << fixed << showpoint; cout << setprecision(2); cout << "This program computes a mortgage monthly payment for over a 30 year time period." << endl; //Letting the user know the purpose of the program MortgageMonthlyPayment = LoanAmount*((InterestRate/12)*(1+(InterestRate/12))*360*(term*12))/((1+(InterestRate/12))*360*(term*12)-1); //Calculates the monthly mortgage payment cout << "Your Mortgage monthly payment is: \$ " << MortgageMonthlyPayment << endl; return 0;//ends the program } Oct 26 '06 #1
3 Replies

 Expert Mod 5K+ P: 8,916 What is the actual value you code produces and the value you expected it to produce. I suspect this line MortgageMonthlyPayment = LoanAmount*((InterestRate/12)*(1+(InterestRate/12))*360*(term*12))/((1+(InterestRate/12))*360*(term*12)-1); is wrong, how did you come by it? I think you will be needing to use the pow(...) function somewhere in this equation. Oct 26 '06 #2

 P: 10 What is the actual value you code produces and the value you expected it to produce. I suspect this line MortgageMonthlyPayment = LoanAmount*((InterestRate/12)*(1+(InterestRate/12))*360*(term*12))/((1+(InterestRate/12))*360*(term*12)-1); is wrong, how did you come by it? I think you will be needing to use the pow(...) function somewhere in this equation. The expected result should be \$1,167.15. I came by that line realizing that 30*12 is 360. I am reading about the Pow() function, but I do not understand how to set it up. For right now when I do run my program I am getting \$958.34 Oct 26 '06 #3

 Expert Mod 5K+ P: 8,916 Where did you get that equation from? Oct 27 '06 #4 