copyright Steve J. Hodges   http://steveh.net/cs19/cs19-hw01.html

CS 19 Fall 2014

Program One (Loan Payment Calculator)

Filename

loan.cpp

Program Description

Write a program to calculate a loan payment. The program should output your name, pengo account and email address all on the first line of output. The second line of output should list the due date or semester, and include the assignment title and number. Then, prompt the user for the amount to be borrowed, the annual interest rate, the number of payments to be made each year, and the number of years the money is to be borrowed (in that order, one prompt per line.) Then output the amount of each payment and the total amount that will be repaid, each formatted with dollars and cents (two decimal places.)

The equation for calculating the loan payment is:
Loan Payment Calculation Formula
where principal is the amount borrowed, interest is the interest rate per payment, and numPayments is the total number of payments that must be made.

For example, if $10,000 is borrowed at 12% annual interest rate, to be repaid monthly for 4 years we would do the following calculations:
Loan Payment Calculation Formula Example
each payment is $263.34
total to be repaid is $12640.24

Your program must have at least one function (in addition to main) to calculate and return the loan payment. Format your payment calculation and total amount to be repaid, to two decimal places (dollars and cents.)

What to turn in

As usual, leave your .cpp file for this program ("loan.cpp") in your home directory on pengo.

Suggestions

You may wish to use the following program as a model. Note that this example is not necessarily properly formatted.

// Calculates volume of a cylinder #include <iostream> using namespace std; // constants (global const okay) const double PI = 3.14159265; // function prototypes double calcCylinderVolume(double, double); int main(){ double height, radius, volume; cout << endl << "Cylinder Voulume Calulator" << endl; cout << "What is the cylinder height? " << endl; cin >> height; cout << "What is the cylinder radius? "<< endl; cin >> radius; volume = calcCylinderVolume(height, radius); cout << endl << "A cylinder with height " << height; cout << " and radius " << radius; cout << " has a volume of " << volume << "." << endl; } double calcCylinderVolume(double h, double r){ return h * PI * r * r; }