copyright Steve J. Hodges

CS 19 Fall 2016

Program One (Loan Payment Calculator)



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 to be repaid both 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 repaid is $12640.32

Note that you might get an answer of $12640.24 for the total amount to be paid if you multiply the raw value of each payment instead of the rounded value. This result is also acceptable.

Your program should input from STDIN and send output to STDOUT. Your program must have at least one function (in addition to main) to calculate and return the loan payment. Format your payment calculation and the total 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.


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; }