Owning your own home is a goal for many people. Few of us have the money to buy a home for cash, so we borrow money for (usually) many years. We also must make a down payment of some cash. It's important to know how much your monthly payment will be to repay the loan. Here is a formula to calculate the monthly payment: rate(1 +rate)". monthly payment = amount borrowed( (1+rate)n –1 where amount borrowed is the amount of the loan rate is the monthly interest rate (yearly rate divided by 12) as a decimal n is the number of months to pay back the loan As an example, suppose I find a $75,000 house and agree to make a down payment of $8,000. That means l'll borrow $67,000. If the yearly interest rate is 4.5%, and I take 180 months (that's 15 years) to pay back the loan, then my monthly payment would be $512.55. And that also means the total of all my payments would be $92,259. That means l'll be paying $25,259 in interest charges, just because I couldn't pay cash. Program specifications: Input: your program should ask the user for the cost of the house, the amount of the down payment, the yearly interest rate as a percent, and the number of months for the loan. Output: the output should be in the form shown below. For instance, if the user entered the values in my example, your output would look like: Cost of house : $75000.00 Down payment : $8000.00 Amount borrowed : $67000.00 Yearly interest rate : 4.500% Number of months : Monthly Payment : $512.55 Total of Payments : $92259.00 Total interest : $25259.00 Additional notes: 1. This program should follow the General Program Format Rules 2. The colons should line up 3. The number of decimal places is important 4. The more the form of your output looks like the example, the better 5. A program that won't even compile is not acceptable! Make sure it runs! And again, I will be running your program and checking it with different values than those of the example.
Owning your own home is a goal for many people. Few of us have the money to buy a home for cash, so we borrow money for (usually) many years. We also must make a down payment of some cash. It's important to know how much your monthly payment will be to repay the loan. Here is a formula to calculate the monthly payment: rate(1 +rate)". monthly payment = amount borrowed( (1+rate)n –1 where amount borrowed is the amount of the loan rate is the monthly interest rate (yearly rate divided by 12) as a decimal n is the number of months to pay back the loan As an example, suppose I find a $75,000 house and agree to make a down payment of $8,000. That means l'll borrow $67,000. If the yearly interest rate is 4.5%, and I take 180 months (that's 15 years) to pay back the loan, then my monthly payment would be $512.55. And that also means the total of all my payments would be $92,259. That means l'll be paying $25,259 in interest charges, just because I couldn't pay cash. Program specifications: Input: your program should ask the user for the cost of the house, the amount of the down payment, the yearly interest rate as a percent, and the number of months for the loan. Output: the output should be in the form shown below. For instance, if the user entered the values in my example, your output would look like: Cost of house : $75000.00 Down payment : $8000.00 Amount borrowed : $67000.00 Yearly interest rate : 4.500% Number of months : Monthly Payment : $512.55 Total of Payments : $92259.00 Total interest : $25259.00 Additional notes: 1. This program should follow the General Program Format Rules 2. The colons should line up 3. The number of decimal places is important 4. The more the form of your output looks like the example, the better 5. A program that won't even compile is not acceptable! Make sure it runs! And again, I will be running your program and checking it with different values than those of the example.
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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Hello, I need to solve this problem with C++
Transcribed Image Text:Owning your own home is a goal for many people. Few of us have the money
to buy a home for cash, so we borrow money for (usually) many years. We
also must make a down payment of some cash. It's important to know how
much your monthly payment will be to repay the loan. Here is a formula to
calculate the monthly payment:
rate(1 +rate)".
monthly payment = amount borrowed(
(1+rate)n –1
where amount borrowed is the amount of the loan
rate is the monthly interest rate (yearly rate divided by 12) as a decimal
n is the number of months to pay back the loan
As an example, suppose I find a $75,000 house and agree to make a down payment of
$8,000. That means l'll borrow $67,000. If the yearly interest rate is 4.5%, and I take 180
months (that's 15 years) to pay back the loan, then my monthly payment would be $512.55.
And that also means the total of all my payments would be $92,259. That means l'll be paying
$25,259 in interest charges, just because I couldn't pay cash.
Program specifications:
Input: your program should ask the user for the cost of the house, the amount of the down
payment, the yearly interest rate as a percent, and the number of months for the loan.
Output: the output should be in the form shown below. For instance, if the user entered the
values in my example, your output would look like:
Cost of house : $75000.00
Down payment : $8000.00
Amount borrowed : $67000.00
Yearly interest rate : 4.500%
Number of months :
Monthly Payment : $512.55
Total of Payments : $92259.00
Total interest : $25259.00
Additional notes:
1. This program should follow the General Program Format Rules
2. The colons should line up
3. The number of decimal places is important
4. The more the form of your output looks like the example, the better
5. A program that won't even compile is not acceptable! Make sure it runs!
And again, I will be running your program and checking it with different values than those of
the example.
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