The monthly payment on a loan may be calculated by the following formula: Payment = Rate...

 

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The monthly payment on a loan may be calculated by the following formula: Payment = Rate" (1+ Rate)N (1 + Rate)-1 *L Rate is the monthly interest rate, which is the annual interest rate divided by 12. (A 12 percent annual interest would be 1 percent monthly interest.) N is the number of payments .L is the amount of the loan. Write a program that asks for these values and displays a report similar to the following: Loan Amount: Monthly Interest Rate: Number of Payments: Monthly Payment: Amount Paid Back: Interest Paid: $ 10000.00 1% C++ $ 36 332.14 $ 11957.15 $ 1957.15 The monthly payment on a loan may be calculated by the following formula: Payment = Rate" (1+ Rate)N (1 + Rate)-1 *L Rate is the monthly interest rate, which is the annual interest rate divided by 12. (A 12 percent annual interest would be 1 percent monthly interest.) N is the number of payments .L is the amount of the loan. Write a program that asks for these values and displays a report similar to the following: Loan Amount: Monthly Interest Rate: Number of Payments: Monthly Payment: Amount Paid Back: Interest Paid: $ 10000.00 1% C++ $ 36 332.14 $ 11957.15 $ 1957.15