VISUAL BASIC PROGRAMMING: Program 4. Debt

When you obtain a credit card, the issuing company is basically extending you a loan at some interest rate. Typical interest rates vary between 10% to 20%, although some can be higher and some can be lower. The credit card agreement will require you to make some payment if you have a balance owing, with 5% of the balance owing being the usual minimum payment. Sometimes the minimum payment is some amount, such as $25.

It is important to understand that the interest charged on a credit card is charged on a monthly basis. Suppose you have a new credit card, and you are going to use if to pay your tuition for the Spring 2018 semester. Your tuition is $5,000 for the semester. You will not make any payments on the credit card balance. Use a FOR LOOP to calculate how much your balance will be at the end of the two years (24 months).

Assume the credit card interest rate per year is 24%, and that the interest is added to your account each month using the monthly interest rate. Enter the credit card interest rate as 0.24 on the form.

The following table shows how the amounts for your credit card will accumulate for the first 2 months:

Month	Starting Balance	Interest Charge	Ending Balance
1	$5,000.00	$100.00	$5,100.00
2	$5,100.00	$102.00	$5,202.00

You are to write a program that takes as input from the user the charge (starting balance) and the yearly interest rate. You are to print out a table like the one above in a ListBox showing how the credit card balance increases each time.

Finally, you are to output to your ListBox the total amount of interest added to your account.

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