Question: Program should be formatted to run in Matlab CSCI 251 Section 3 Programming Assignment 1 Mortgage Monthly Payment Calculator Problem Statement You are looking for

 Program should be formatted to run in Matlab CSCI 251 Section

Program should be formatted to run in Matlab

CSCI 251 Section 3 Programming Assignment 1 Mortgage Monthly Payment Calculator Problem Statement You are looking for a perfect house that is also affordable. Every month you should pay for your house, the interest of the money that you borrow from bank and the property tax. Notice that your monthly payment should keep the same and you should have zero balance after your last payment. Design a program that will calculate your monthly payment based on the house price down payment, interest rate, loan length and property tax rate Input House price in dollars (from user input) Down payment in dollars (from user input) Annual interest rate in percentage (from user input) Loan length in years (from user input) Annual property tax rate (from user input) Output Your monthly payment in dollars, keeping two decimal points. Hints The following formula may be helpful for you. where P is your monthly payment before tax, L is the loan amount, r is annual interest rate and m is the number of monthly payments. The amount of tax you need to pay monthly is house pricexannual tax rate 12 Sample Output Enter house price: $384000 Enter down payment: $76800 Enter annual interest rate (%): 4.625 Enter loan length (years): 30 Enter annual property tax rate (%): 1 Your monthly payment is: $1899.44

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!