Question: 1. (50 points) Mortgage Calculator: Create a form that allows you to enter in loan amount, down payment, interest rate, and number of years to
1. (50 points) Mortgage Calculator: Create a form that allows you to enter in loan amount, down payment, interest rate, and number of years to pay off your mortgage. Your program should generate a table containing payment for each month. Each row should show the payment number, the interest paid during the month, the principal paid during the month, and the balance amount left. If the load is paid off, your table should properly stop. Equation for mortgage payments M = P[r(1+r)^n/((1+r)^n)-1)] M = the total monthly mortgage payment P = the principal loan amount r = your monthly interest rate. Lenders provide you an annual rate so youll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167). n = number of payments over the loans lifetime. Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of total payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).
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