If you know the balance and the annual percentage interest rate, you can compute the interest on

Question:

If you know the balance and the annual percentage interest rate, you can compute the interest on the next monthly payment using the following formula:

interest = balance * (annualInterestRate/1200)

Write a program that reads the balance and the annual percentage interest rate and displays the interest for the next month. Here is a sample run:

Enter balance and interest rate (e.g., 3 for 3%): 1000 3.5
The interest is 2.91667

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Step by Step Answer:

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Output Output Enter balance and interest rate eg 3 for 3 1000 35 The interest is ...View the full answer

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