hi guys. its me again.
after going thru my prblm i was able to get thru a few of the kinks. however, i still am
having issues with the mathematical statements.
my assognment is to to create a program that will calciulate the monthly payment along with the loan and intersest amount. this is how it must look like:
Loan Amount: $10000
Annual Interest Rate: 12%
Number of Payments: 36
Monthly Payments: $332.14
Amount Paid Back: $11957.15
Interest PaidL $1957.15
now, the the data u see is just an example, it is not permanent because the user should be able to input any amount and get the appropiate amount
the formula for monthly payment is:
Payment = Rate * (1+ Rate)^N / ((1 + Rate)^N -1) * L
where Rate is the MONTHLY INTEREST (so basically i made annual/12) and N is number of payments and L is the amount of the loan. I wrote my program and started to do the monthly payment equation. however, as i checked it with the data from the book, (as my teacher advised to do so) my monthly payment came out as 10000. what am i doing wrong? btw, i have yet to learn complex shortcuts, so we are suppose to keep it simple.
here is my code:
#include <iostream>
#include <cmath>
using namespace std;
int main ()
{
double L, annual, n, payment, rate, total;
cout << "Enter the loan amount --> ";
cin >> L;
cout << "Enter the annual interest rate as a percentage --> ";
cin >> annual;
cout << "Enter the number of payments --> ";
cin >> n;
cout << "The result is" << endl;
cout << "Loan Amount: $" << L << endl;
cout << "Annual Interest Rate:" << annual << " %" << endl;
cout << "Number of Payments:" << n << endl;
rate = annual/12;
payment = (rate * pow(1.0 + rate, n))/(pow(1.0 + rate, n) -1) * L;
cout << "Monthly Payment: $" << payment << endl;
return 0;
}