you have purchased a stereo system that cost RM1000 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 RM50. the monthly payment of RM50% 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 the RM1000 in interest. that is RM15 in interest so the remaining RM35 is deducted from your debt, which leaves you with a debt of RM965.00. the next month you pay interest of 1.5% of the RM965.00, which is RM14.48 . hence you deduct RM35.52 (which is RM50-RM14.48) from the amount you owe. write a program that will tell you how many months it will take you to pay off the loan. use a loop to calculate the amount of interest paid over the life of the loan. the last payment may be less than RM50 if the debt is small, but not forget the interest. if you owe RM50, then your monthly payment of RM50 will not pay off your debt, although it will come close. one month's interest on RM50 is only 75cents.

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