I strongly suggest you take a look at the answer from thebook....cramster has th
ID: 3616418 • Letter: I
Question
I strongly suggest you take a look at the answer from thebook....cramster has the answer for this problem. what i wanna isto come up with different method from the answer cramster gives,but don't use other knowledge that ive not learnt.Interest on a loan is paid on a declining balance, and hence a loanwith an interest rate of , say, 14% can cost significantly lessthan 14% of the balance. write a program that takes a loan amountand interest rate as input and then outputs the monthly paymentsand balance of the loan until the loan is paid off. assume that themonthly payments are on-twentieth of the original loan amount, andthat any amount in excess of the interest is credited towarddecreasing the balance due. thus, on a loan of $20,000, thepayments would be $1000 a month. if the interest rate is 10%, theneach month the interest is on twelfth of 10%of the remainingbalance. the first month, (10% of $20,000)/12,or $166.67, would bepaid in interest, and the remaining $833.33 would decrease thebalance to $19,166.67. the following month the interest would be(10% of $19166.67)/12, and so forth. also have the program outputthe total interest paid over the life of the loan. finally, determine what simple annualized percentage of theoriginal loan balance was paid in interest. for example, if $1,000was paid in interest on a $10,000 loan and it took two years to payoff, then the annualized interest is $500, which is 5% of the$10,000 loan amount . your program should allow the user to repeatthe calculation as often as desired. I strongly suggest you take a look at the answer from thebook....cramster has the answer for this problem. what i wanna isto come up with different method from the answer cramster gives,but don't use other knowledge that ive not learnt.
finally, determine what simple annualized percentage of theoriginal loan balance was paid in interest. for example, if $1,000was paid in interest on a $10,000 loan and it took two years to payoff, then the annualized interest is $500, which is 5% of the$10,000 loan amount . your program should allow the user to repeatthe calculation as often as desired.