Question: i have to code this using c++ i have to ask user for annual interest rate, loan amount, and number of payments to be made.
Lab 04 The monthly payment on a loan is calculated using the following formula: Rate x (1 + Rate)N x L Monthly Payment = (( 1 + Rate)N - 1) Rate is the monthly interest rate, which is the annual interest rate divided 12. You will be asking the user to enter an annual interest rate (since that is how these things are usually advertised), but you need to make sure you apply this division by 12 before using that number in the equation! N is the number of payments (or months) (ie if the loan term is 1 year, N =12). The user will enter N directly, for example they will enter 24 if they are working with a 2 year loan Lis the original loan amount, in dollars
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