Question: Write both function in C. Loans usually allow the borrower to make early payments towards the capital. This allows the loan to be paid off
Write both function in C.
Loans usually allow the borrower to make early payments towards the capital. This allows the loan to be paid off earlier and reduces the total amount of interest paid. Let's say, for our example loan, the remaining capital is $50,000. In this month, the borrower makes the monthly payment of S1,109.53 and, on top of that, makes an extra payment of $1,000 towards the capital. Let's do the math. The bank first charges 0.33% interest on the outstanding capital. This amounts to $50,000 * 0.33%-$165. The remaining amount of the monthly payment goes towards capital, which is: $1,109.52-$165 $944.53. On top of that, the borrower contributes $1,000 towards the capital, for a total of $1,944.53. Moving forward, the capital amount remaining is $50,000 $1,944.53 $48,055.47 Note that the interest is charged on the capital before subtracting the extra capital amount. By applying early payments, the capital amount is reduced at a faster pace and, therefore, the loan will paid off before 180 months. Write a function that takes the loan terms as input and prints the amortized schedule whereby an extra payment towards capital is applied each month The monthly extra payment is also an input to the function. In the sample below, the borrower pays an extra S200 towards capital each month, shown in the The output shows that after the first month of the 13th year, the balance falls below zero, which means the loan is paid off. It was paid off 35 months earlier and resulted in a saving of interest of $10.447. Your output should reproduce all the information shown in the sample. This is the header of the function. void output extra monthy (double loan amount, double intereat rate, double term years, double extra) Year Konth Intere3t Principal Balance INTEREST PRINCIPAL EXTRA 500 497 495 492 500 997 810 1622 2437 3254 4075 200 4898 610 149190 612 148378 615 147563 618 146746 620 145925 I 623 145102 626 144276 629 143448 631 142616 634 141782 I 637 140945 I 640 140106 200 200 200 1994 2473 2959 3443 3924 4402 #877 5350 5820 200 481 7384 200 200 200 200 9055 9894 Year Honch Intereat Principal Balance I INTEREST PRINCIPAL EXTRA 38957 39007 39052 39093 39129 39162 39190 39214 39233 39249 39260 39266 12 1056 14790 I 1060 1352S I 1064 12265 I 1069 10996 1073 1077 1081 1086 1090 1094 1099 1103 135210 200 136471 137735 139004 200 140277 141554 142835 144121 200 145411 146705 134 13s 200 200 200 200 8446 7165 A589 3295 I 1996 694 200 149306 200 Year Konth Intereat Principal Balance INTERESI PRINCIPAL EXTRA 1107 -614 39269 150614 The payments are finished 35 months (2.9 years) earlier! The interest saving i8 10447 Write a function similar to the previous one where the user makes one extra payment per year (in December). The function header is shown below. The sample files attached show the outpt. void output_extra vearly(double loan_amount, double intereat_rate, double term years, double extra)
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