EBK NUMERICAL METHODS FOR ENGINEERS
EBK NUMERICAL METHODS FOR ENGINEERS
7th Edition
ISBN: 8220100254147
Author: Chapra
Publisher: MCG
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Chapter 2, Problem 9P

Economic formulas are available to compute annual payments for loans. Suppose that youborrow an amount of money P and agree to repay it in n annual payments at an interest rate of i. The formula to compute the annual payment A is

A = P i ( 1 + i ) n ( 1 + i ) n 1

Write a program to compute A. Test it with P = $ 55 , 000 and an interest rate of 6.6 % ( i = 0.066 ) . Compute results for n = 1 , 2 , 3 , 4 , and 5 and display the results as a table with headings and columns for n and A.

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EBK NUMERICAL METHODS FOR ENGINEERS

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