Cylinder

For a term loan with initial principal $($total loan amount$)$ value of $P,$ the monthly payment A can be computed with the formula:

ormula

$A=\frac{iP(1+i{)}^n}{(1+i{)}^n-1}$

Series

Where $i$ is the monthly interest rate $($decimal value$),$ computed from an annual rate $($decimal value not percent$)r$ as $i=\frac{r}{12},$ and $n$ is the number of months in the term of the

Parallel

loan. The total interest paid $T$ over the full term of the loan is then

$T=An-P$

Write a script to determine the total interest paid over the full term of a loan for the following two cases:

Annual interest percentage rate of $r=4\mathrm{.}25\%$ and a $20$ year term. Assign the calculated monthly payment to the variable Payment$20$year. Assign the total interest paid

an payment

to a variable named Interest$20$year.

over a term

Annual interest percentage rate of $r=4\mathrm{.}875\%$ and a $30$ year term. Assign the calculated monthly payment to the variable Payment$30$year. Assign the total interest paid to a variable named Interest$30$year.

Code has already been provided to assign the value of the loan principal and assign it to the variable LoanPrincipal. Do not assign a new value to LoanPrincipal in your script.

Script $0$

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MATLAB Documentation

$\backslash$table$[[1,\%$Define loan principal$],[2,$LoanPrincipal $=150000$