Question: How do I write a program that tells you how many months are required to pay off a loan and how much total interest is

How do I write a program that tells you how many months are required to pay off a loan and how much total interest is paid. I have to use a loop to apply the monthly payments until the loan is retired. The loop must include a a variable to count the months and a variable to accumulate the total interest paid over the life of the loan . It must also check for the condition if the first month's interest is less than the monthly payment. If it is not then it has to display the message "Loan Not Approved" and stop the computation.

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!