I am writing a program that calculates the monthly payment and interest of a loan. I am having trouble getting the program to calculate the Monthly Payment. The correct formula given by my textbook is as follows:
Payment =
Rate * (1 + Rate)^N
---------------------------- * L
( (1 + Rate)^N - 1)
Rate, being the monthly interest rate
N, being the number of payments
L, being the loan amount. -
MonthlyIntRate = AnnualIntRate / 12.0;
-
monthlyPayment = ((MonthlyIntRate * pow(1 + MonthlyIntRate, numPayments)) / (pow(1 + MonthlyIntRate, numPayments) - 1.0)) * loanAmount;
-
7  1667 
I am writing a program that calculates the monthly payment and interest of a loan. I am having trouble getting the program to calculate the Monthly Payment. The correct formula given by my textbook is as follows:
Payment =
Rate * (1 + Rate)^N
---------------------------- * L
( (1 + Rate)^N - 1)
Rate, being the monthly interest rate
N, being the number of payments
L, being the loan amount.
-
MonthlyIntRate = AnnualIntRate / 12.0;
-
monthlyPayment = ((MonthlyIntRate * pow(1 + MonthlyIntRate, numPayments)) / (pow(1 + MonthlyIntRate, numPayments) - 1.0)) * loanAmount;
-
Have you tried breaking the individual calculations up into several lines, to make sure order of operations is how you want it?
No....I am not sure how to break up a formula on several lines....got any examples?
No....I am not sure how to break up a formula on several lines....got any examples?
You might want to talk to your teacher then, that could be a problem.
Take the individual calculations (addition, subtraction, multiplication, powers...), and do them individuallty
Example:
int = 1 + 2 * 3;
to
int = 2*3;
int += 1;
Have you tried breaking the individual calculations up into several lines, to make sure order of operations is how you want it?
So am I on the right track with this formula below: -
monthlyPayment = MonthlyIntRate * pow(1 + MonthlyIntRate, numPayments)
-
monthlyPayment /= (pow(1 + MonthlyIntRate, numPayments) - 1.0)
-
monthlyPayment *= loanAmount;
-
So am I on the right track with this formula below:
-
monthlyPayment = MonthlyIntRate * pow(1 + MonthlyIntRate, numPayments)
-
monthlyPayment /= (pow(1 + MonthlyIntRate, numPayments) - 1.0)
-
monthlyPayment *= loanAmount;
-
I duno, did that help?
I would start with : -
montlyPayment = pow(1+monthlyIntRate,numPayments);
-
cout << monthlyPayment;
-
montlyPayment *= MontlyIntRate;
-
cout << montlypayment;
-
....
-
and literally do each calculation separately, printint out after each (that way you can debug/check the values).
From there, you can combine them slowly until you see where the errors are coming from (I'm just guessing order of operations).
So am I on the right track with this formula below:
-
monthlyPayment = MonthlyIntRate * pow(1 + MonthlyIntRate, numPayments)
-
monthlyPayment /= (pow(1 + MonthlyIntRate, numPayments) - 1.0)
-
monthlyPayment *= loanAmount;
-
Tried the above formula and it is not working.....
I would start with :
-
montlyPayment = pow(1+monthlyIntRate,numPayments);
-
cout << monthlyPayment;
-
montlyPayment *= MontlyIntRate;
-
cout << montlypayment;
-
....
-
and literally do each calculation separately, printint out after each (that way you can debug/check the values).
From there, you can combine them slowly until you see where the errors are coming from (I'm just guessing order of operations).
Did you try this?
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