Please Write C Program Generate Detail Loan Payment Report First Month Loan Balance Become Q43788931
Please write a C++ program to generate a detailloan payment report from the first month until the loan balancebecomes zero or less than ten cents.
You have just purchased a stereo system that cost $1000 on thefollowing credit plan (as test case #1):
No down payment, annual simple interest rate of 18.00% (andhence 1.50% per month or 0.015 per month), and monthly payments of$50.00. The monthly payment of $50.00 is used to pay the interestand whatever is left is used to pay part of the remaining debt.Hence, the first month you pay 1.5% of $1000 in interest, which is$15.00. So, the remaining $35.00 (=$50.00 -$15.00) is deducted fromyour loan balance, which leaves you with a debt of $965.00(=$1000.00 – $35.00). The next month, you pay interest of 1.5% of965, which is $14.48. Hence, you can deduct $35.52 (=$50.00 -$14.48) from your loan balance.
You may use the while loop such as: while (loanBalance >=monthPayment).
When the loanBalance is less than the monthPayment, you need tocompute the final payment amount, which should be the loanBalanceplus its interest of one month.
For example, if your last-month’s loan balance is $47.12, whichis less than the monthly payment of $50.00, then its final paymentshould be $47.83 because $47.12 plus its interest $0.71 (= 47.12 *0.015) is $47.83.
Please make sure that your report is very user-friendly and veryprofessional.
Your report must first show the following headline: (fortest case #1)
Loan amount:$1000.00 Annual Interest Rate:18.00% Monthly Payment: $50.00
Your report must then show the following 5 columns for eachmonth’s payment until the loan balance is equal to 0 or less than0.10:
Month # // Start from 1 for first month, 2 for second month, and so on
Month-Payment // Same for every month until the verylast payment to pay off the loan balance
Interest-Paid // current-Loan-Balance * Monthly-Interest-Rate
Debt-Paid //Monthly-Payment – Interest-Paid
Loan-Balance // Last-Month-Loan-Balance – Debt-Paid
Your report must have the following line at the end to show thetotal interest amount paid:
Total Amount of Interest Paid: $______________
========================================================================.
You must run the following 3 test cases forthis assignment.
Your test case #1 is:
Loan amount:$1000.00 Annual Interest Rate:18.00% Monthly Payment: $50.00
Your test case #2 is:
Loan amount:$1000.00 Annual Interest Rate:18.00% Monthly Payment: $100.00
Your test case #3 is:
Loan amount:$1000.00 Annual Interest Rate:18.00% Monthly Payment: $180.00
=========================================================================.
Your loan payment report for test case #1 mustlook as follows:
Welcome to the program of “you” !
Loan amount:$1000.00 Annual Interest Rate:18.00% Monthly Payment: $50.00
Month# Month-Payment Interest-Paid Debt-Paid Loan-Balance
———- ——————- ——————– ———————– ——————
1 $50.00 $15.00 $35.00 $965.00
2 $50.00 $14.48 $35.52 $929.48
– – –
21 $50.00 $2.86 $47.14 $143.53
22 $50.00 $2.15 $47.85 $95.68
23 $50.00 $1.44 $48.56 $47.12
24 $47.83 $0.71 $47.12 $0.00
Total Amount of Interest Paid: $197.83
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