You have just purchased a stereo system that cost $1000 on the following credit
plan: No down payment, an interest rate of 18% per year (and hence 1.5% per
month), and monthly payments of $50. The monthly payment of $50 is used to
pay the interest and whatever is left is used to pay part of the remaining debt.
Hence, the first month you pay 1.5% of $1000 in interest. That is $15 in interest.
So, the remaining $35 is deducted from your debt, which leaves you with a debt
of $965.00. The next month you pay interest of 1.5% of $965.00, which is
$14.48. Hence, you can deduct $35.52 (which is $50 - $14.48) from the amount
you owe. Write a program that will tell you how many months it will take you to
pay off the loan, as well as the total amount of interest paid over the life of the
loan. Use a loop to calculate the amount of interest and the size of the debt after
each month. Use a variable to count the number of loop iterations and hence the
number of months until the debt is zero. The last payment may be less than $50,
if the debt is small, but do not forget the interest. If you owe $50, then your
monthly payment of $50 will not pay off your debt, although it will come to close.
One month’s interest on $50 is only 75 cents
That is the problem i have to do for my C++ class. I'm confused as to which kind of loop to use for this. We've ben taught, while, do-while, and for loops. I never really understood do-while or for loops, and I probably couldn't even do the above problem math wise let alone programming it. If someone could help me as to which kind of loop would be best used for this or point me in the right direction that would help a lot.