Question: C++ Design a class that will determine the monthly payment on a home mortgage. The monthly payment with interest compounded monthly can be calculated using:
C++
Design a class that will determine the monthly payment on a home mortgage. The monthly payment with interest compounded monthly can be calculated using:
Payment = Loan x (rate/12) x Term / Term -1
where
Term = (1 + (rate/12))12 x years
Payment = monthly payment
Loan = loan amount in dollars
Rate=the annual interest rate
Years=the number of years of the loan
Provide member functions for setting the loan amount, interest rate, and number of years of the loan. Also provide member functions for returning the monthly payment, and the total amount paid to the bank at the end of the loan. Output the monthly payment and total amount paid to the bank, fully formatted (2 decimal places) and labelled.
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