Question: Program details: Design a class that will determine the monthly payment on a home mortgage. The monthly payment with interest compounded monthly can be calculated
Program details: Design a class that will determine the monthly payment on a home mortgage. The monthly payment with interest compounded monthly can be calculated as follows:
Payment=LoanRate12TermTerm1Payment=LoanRate12TermTerm1
where, Term=(1+Rate12)12YearsTerm=(1+Rate12)12Years
Payment = the monthly payment
Loan = the dollar amount of the loan
Rate = the annual interest rate
Years = the number of years of the loan
The class should have member functions for setting the loan amount, interest rate, and number of years of the loan. It should also have member functions for returning the monthly payment amount and the total amount paid to the bank at the end of the loan period. Implement the class in a complete program.
Input Validation: Do not accept negative numbers for any of the loan values.
Using C++, use Constructors and Destructors with messages on this "mortgage payment or car loan payment "program. You must code Object Oriented Programming with class specification (.h) class implementation (.cpp), and main () function..
A. For instances - Car Loan:
Example (1) 5 years, $45000 car loan including tax and fee,
And annual interest rate: 6%
B. Use menu options to input data or display the various output and monthly payment month by month.
You need to display monthly payment, monthly interest, monthly principle payment, and monthly balance for all months during the loan period.
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