IN C++ PROGRAM)Negotiating a consumer loan is not always straightforward. One form of loan is the discount installment l

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answerhappygod
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IN C++ PROGRAM)Negotiating a consumer loan is not always straightforward. One form of loan is the discount installment l

Post by answerhappygod »

IN C++ PROGRAM)Negotiating a consumer loan is not always
straightforward. One form of loan is the discount installment loan,
which works as follows. Suppose a loan has a face value of $1,000,
the interest rate is 15%, and the duration is 18 months. The
interest is computed by multiplying the face value of $1,000 by
0.15, to yield $150. That figure is then multiplied by the loan
period of 1.5 years to yield $225 as the total interest owed. That
amount is immediately deducted from the face value, leaving the
consumer with only $775. Repayment is made in equal monthly
installments based on the face value. So the monthly loan payment
will be $1,000 divided by 18, which is $55.56. This method of
calculation may not be too bad if the consumer needs $775 dollars,
but the calculation is a bit more complicated if the consumer needs
$1,000. Write a program that will take three inputs: the amount the
consumer needs to receive, the interest rate, and the duration of
the loan in months. The program should then calculate the face
value required in order for the consumer to receive the amount
needed. It should also calculate the monthly payment. Your program
should allow the calculations to be repeated as often as the user
wishes.
(this is question already answer but i need changes
in code )
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