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  1. #1
    Join Date
    Oct 2009
    Posts
    1

    Exclamation Help Please: Comparing loans w/ various interest rates

    Alright, I am new to C++, and thought I would get a book and start learning it. I was doing some of the practice exercises at the end of the chapter, and I am stumped.

    I have to let the user enter a loan amount and loan period in number of years and display the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8.


    Example of the Output:
    Loan Amount: 1000
    Number of Years: 5

    Interest rate Monthly Payment Total Payment
    5% 188.71 11322.74
    5.125% 189.28 11357.13
    etc...


    I have got the basics, and I know I need to use a loop, but I am pretty lost. If someone could point me in the right direction I would appreciate it.

    What I currently have

    #include <iostream>
    using namespace std;

    int main()
    {
    cout << "Loan Amount:";
    double loan;
    cin >> loan;

    cout << "Number of Years: ";
    double years;
    cin >> years;
    double i = .05;
    do {
    loan + years;
    i + 0.125;
    cout << "Interest Rate\t\t" << "Monthly Payment\t\t" << "Total Payment\n" << i <<endl;
    system("PAUSE");

    }while (i <= .08);
    }

  2. #2
    Join Date
    Apr 2009
    Posts
    598

    Re: Help Please: Comparing loans w/ various interest rates

    Before starting to code, you need to have the pseudo code of your algorithm, or at least a good mathematical formula. See http://en.wikipedia.org/wiki/Compound_interest

  3. #3
    Join Date
    Oct 2009
    Posts
    12

    Re: Help Please: Comparing loans w/ various interest rates

    Hello, are you providing software and IT services for banks
    I would also like to find a customer in the bank too, but I don't know how.
    Although I am a slow student and I am bad at language use I think I can make similar programs to pay for the classes I take.

  4. #4
    Join Date
    Oct 2009
    Posts
    5

    Smile Re: Help Please: Comparing loans w/ various interest rates

    Hi, I hope this code will help you compare loans vs interest rates.

    #include <iostream>
    #include <cmath>
    using namespace std;
    int main()
    {
    double Principal; // original principal
    double IntRate; // interest rate, such as 0.05 (5 %)
    double PayPerYear; // number of payments per year
    double NumYears; // number of years
    double Payment; // the regular payment
    double numer, denom; // temporary work variables
    double b, e; // base and exponent for call to pow()
    double Interest;

    cout << "Enter principal: ";
    cin >> Principal;

    cout << "Enter interest rate (i.e., 0.05): ";
    cin >> IntRate;

    cout << "Enter number of payments per year: ";
    cin >> PayPerYear;

    cout << "Enter number of years: ";
    cin >> NumYears;
    cin.ignore();

    numer = IntRate * Principal / PayPerYear;

    e = -(PayPerYear * NumYears);
    b = (IntRate / PayPerYear) + 1;
    denom = 1 - pow(b, e);
    Payment = numer / denom;
    Interest = (Payment * PayPerYear * NumYears) - Principal;

    cout << "Payment: " << Payment << "/ month" << endl;
    cout << "Total interest: " << Interest;
    cin.get();
    }


    /*Enter principal: 1000
    Enter interest rate (i.e., 0.05): 0.05
    Enter number of payments per year: 12
    Enter number of years: 5
    Payment: 18.87 / month
    Total interest: 132.27 */

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