I just did this and I am not sure I am doing this correctly.

You have purchased a stereo system that cost \$1000 on the following credit plan: no payment down, an interest of 18% per year, 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. And its asking for total payment and total interest.

``````#include <iostream.h>
#include <conio.h>

main()
{
cout.setf(ios::fixed);
cout.setf(ios::showpoint);
cout.precision(2);

double cost = 1000, annualInterestRate = 0.18, monthlyPayment = 50, monthlyRate, monthlyInterestRate;
double monthlyInterest, towardsPrinciple, payment, totalPayment=0, totalInterest;

while (cost > 0)
{
monthlyInterestRate = annualInterestRate / 12;
monthlyInterest = cost * monthlyInterestRate;
towardsPrinciple = monthlyPayment - monthlyInterest;
cost = cost - towardsPrinciple;
totalInterest = totalInterest + monthlyInterest;
totalPayment = totalPayment + towardsPrinciple + monthlyInterest;

if (cost + monthlyInterest >= monthlyPayment)
payment = monthlyPayment;
else
payment = cost + monthlyInterest;

}

cout << "The total payment is " << totalPayment << endl;
cout << "The total interest is " << totalInterest << endl;

getch();
}``````

Thanks

Edited by missmedude: n/a

4
Contributors
5
Replies
6
Views
8 Years
Discussion Span
Last Post by Robert1995

Thanks for what? If you have a problem you need to explain what that is.

I just want to know if the steps are correct to find the total payment

How are you using the variable payment ?

:icon_rolleyes:

Did the program give you correct output? If no, it's definitely wrong. If yes, it might be right.

Edited by WaltP: n/a

Wait .. So you're asking if this program is working correctly ?