Question: Please write C++ Code For the loan assignment: Youll use the formula of the monthly Payment as follows: monthlyPayment = (loanAmount * annualInterest/12)/(1- 1/pow(1+annualInterest/12,numberOfYears*12)) Then,
Please write C++ Code For the loan assignment:
Youll use the formula of the monthly Payment as follows: monthlyPayment = (loanAmount * annualInterest/12)/(1- 1/pow(1+annualInterest/12,numberOfYears*12)) Then, you can use the following formula to compute Principal, Interest and Balance for the i th month. Balance(0) = Loan Amount; Actual Payment = Monthly Payment + Additional Principal Interest(i) = Balance(i-1) * Annual Interest Rate/12; Principal(i) = Actual Payment Interest(i) Balance(i) = Balance(i-1) Principal(i)
When additional principal is greater than 0, it means that the loan will be paid off earlier than the loan term. So, your amortization table should end when the balance becomes zero or negative. So, when the balance is less than the actual payment, the next months principal is the same as the previous months balance, and it is the end of the amortization table. Your table (program output) needs to follow the exact format as follows. So, you can accommodate a loan amount up to $9,999,999.00. Your program needs to be general enough to handle various user input errors, for example, zero or negative numbers or numbers are too big. Your program requires to be tested against at least 4 cases listed below, and your program should respond correctly and sensibly with proper error messages.
Your program needs to pass the following 4 test cases and deliver desirable results: a. Extreme case 1: loan amount: $10,000,000.00 interest rate: 5.875% term or number of years: 15 Years additional principal the borrower is willing to pay per month: - $2000.00
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
