The monthly payment on an installment loan may be calculated using the following formula:
where: R is the annual interest rate divided by 12 (expressed as a decimal),
N is the total number of payments over the life of the loan
L is the loan amount
Your program will:
1. Ask the user for their name, the amount of the loan, the annual interest rate, and the number of years of the loan.
2. Calculate the monthly payment, total amount paid, and interest amount
a. You will have to use the pre-defined function pow (see page 131)
3. Output the results in the following format: (using your values, this is an EXAMPLE)
Name:
MacKay
Loan Amount:
$
10000.00
Monthly Interest Rate:
1%
Number of Payments:
36
Monthly Payment:
$
332.14
Total Amount Paid:
$
11957.15
Interest Amount:
$
1957.15
