Simple debt calculator

[hudsonzp]

#include <iostream.h>

main(){

int balance;
int payment;
int payment_num = 1;
int months = 0;
float interest;

cout << "Please input a value for the balance" << endl;
cin >> balance;

cout << "Please input a value for the payment" << endl;
cin >> payment;

while (balance > 0)
{
		if (balance <= 5000){
		interest = .13 * balance;
	}

		if (balance >= 5001 || <= 10000){
		interest = .18 * balance;
	}

		if (balance > 10000){
		interest = .21 * balance;
	}
	balance = balance + interest - payment;
	payment_num++;
	months++;
	cout << "After" << payment_num << "Payments your balance is:" << balance 

<< endl;
}

	cout << "It took you" << months << "to pay off your debt" <end;
}

Just I'm brand new to this community and I've been coding HTML/CSS for years. However, I'm taking a basic computer science class and I'm really struggling with C. I was instructed to create a program that will do the following:

You need to pay off credit card debt following a lengthy stay in college. You need to input a balance of what your loans total to and the payment amount you think you can make each month.

APR rates are
Balance APR
$1-$5000 13%
$5001-$10000 18%
> $10000 21%

In this assignment, you will write a program that will determine the number of months it will take you to pay off your debt.

New balance is equal to the previous balance plus the monthly interest minus the payment amount.

Output the payment number (payment_num) and the remaining balance after each payment until the debt is paid off. Use endl so that it will be easy to read on the screen. The output statement should be inside the while loop.

Output a statement showing the number of months it will take for you to pay off your debt.

I'm sure someone in this community can help me. I know this is really basic and pretty rude of me just to ask you guys to help me solve this, but I'm really struggling! (I also know I've made a TON of mistake as it's told me when I've tried to run the program....)

I appreciate any and all help! Thank you!

[WaltP]

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[hudsonzp]

Sorry about that. The only thing I did wrong I suppose is proclaim how new I was. I also forgot to post what actually happened when I tried to run the program.

Here's what it said.
ERROR: multiple operators together
ERROR: invalid operands for or operator ||
ERROR: syntax error before at line 25 in file 'C:\users\owner\desktops\lab11.ch
==> if (balance >= 5001 || <= 10000){
BUG: if (balance >= 5001 || <= 10000<== ???
ERROR: invalid operands for les than operator <
ERROR: argument 3 of the function is undefined or not a valid expression
ERROR: syntax error before or at line 38 in file 'C\users\owner\desktop\lab11.ch
==> _printf << "it took you" << months << "to pay off your debt" <end;
BUG: _printf << "it took you" << months << "to pay off your debt" <end;<==??
?
ERROR: cannot execute command 'C:\Users\owner\desktop\lab11.ch

Hopefully someone has some suggestions for me. I can't seem to figure out how to make the payments keep repeating thus drawing the balance to 0. Please look at my first post for more information. Thank you ahead of time for any and all help.

[WaltP]

You need to look up the syntax for the IF statement. You have it incorrect for compound comparisons.

[hudsonzp]

Alrighty, Other than that does the algorithm seem to make sense to you guys?

[WaltP]

Looks OK so far.

[edit]

Sorry about that. The only thing I did wrong I suppose is proclaim how new I was. I also forgot to post what actually happened when I tried to run the program.

Proper formatting, too. But yours is better than most. :icon_wink:
[/edit]