$3.$

fr Analyze Mortgage $[$ESE

$|$

$)$

$|$

Amount of loan: $240000$

Interest rate:

$($suchas $5\mathrm{.}25)$

$6$

Duration in months: $360$

Monthly payment:

$|$

FIGURE $4\mathrm{.}22$

Total interest paid:

En

i

~~

~~

$$1\mathrm{.}438\mathrm{.}92$

$$278,011\mathrm{.}65$

$1]$

$)$

Possible output for Practice Problem $3.$

Write a program to analyze a mortgage. See Fig. $4\mathrm{.}22.$ The user should enter the amount of

the

loan, the annual percentage rate of interest, and the duration of the loan in months.

When the user clicks on the button, the information that was entered should be checked to

make sure it is reasonable. If bad dara have been supplied, the user should be so advised.

Otherwise, the monthly payment and the total amount of interest paid should be displayed.

The formula for the monthly payment is

payment $=$ p$*5/(1(1+$ r$)"($n$)),$

where p is the amount of the loan, r is the monthly interest rate $($annual rate divided by $12)$

given as a number between $0($for $0$ percent$)$ and $1($for $100$ percent$),$ and n is the duration

of the loan in months. The formula for the total interest paid is

total interest $=$ n$*$ payment $$ pb$.$