Question: Code in Visual Studio. Write a program to calculate student loan payment. Prompt the user of your program to enter the amount of loan, loan

Code in Visual Studio.

Code in Visual Studio. Write a program to calculate student loan payment.

Write a program to calculate student loan payment. Prompt the user of your program to enter the amount of loan, loan term, and interest rate. Use the following formular to calculate monthly payment. monthlyPayment = loanAmount (1+monthlyInterest)numberOfPayments1monthlyInterest(1+monthlyInterest)numberOfPayments Note that the interest rate entered is a yearly interest rate. Dividing it by 12 gives a monthly interest rate. The number of payments = loan term (in years) times 12. Sample output: Enter the amount of your student loan: 50000 Enter the number of years you want to repay your student loan: 10 Enter the interest rate of your student loan: 0.054 For a student loan amount of $50000.00 with an interest rate of 5.40% and a 10 -year loan term, your monthly payments are $540.16

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!