Question

How do I get this code to output The monthly payment is too low resulting in the loan amount not being able to be repaid, if the monthly payment is not higher than the interest rate. Right now I cant get it to say that.

#include <iostream>
using namespace std;
int main()
{
   double monthlyPayment;
   double remainingBalance;
   double interestRate;
   int month = 1;
   cout.setf(ios::fixed);
   cout.setf(ios::showpoint);
   cout.precision(2);
   cout << "Enter loan amount: $";
   cin >> remainingBalance;
   cout << "Enter interest rate : ";
   cin >> interestRate;
   cout << "Enter desired monthly payment : $";
   cin >> monthlyPayment;
   while (interestRate >= 1)
   {
       interestRate = interestRate / 100;
   }
   do
   {
       remainingBalance = remainingBalance * (1 + interestRate / 12) - monthlyPayment;
       cout << "After month " << month << ", your balance is : $" << remainingBalance << endl;
       month++;
   } while (remainingBalance > 0);
   if (monthlyPayment > interestRate)
   {
       cout << "Your loan is officially paid off" << endl;
   }
   else
   {
       cout << " The monthly payment is too low resulting in the loan amount not being able to be repaid" << endl;
   }
  
   return 0;
}

Answer 1

Note : Updates are Highlighted.

#include <iostream>
using namespace std;
int main()
{
double monthlyPayment;
double remainingBalance;
double interestRate;
int month = 1;
cout.setf(ios::fixed);
cout.setf(ios::showpoint);
cout.precision(2);
cout << "Enter loan amount: $";
cin >> remainingBalance;
cout << "Enter interest rate : ";
cin >> interestRate;
cout << "Enter desired monthly payment : $";
cin >> monthlyPayment;
while (interestRate >= 1)
{
interestRate = interestRate / 100;
}
do
{
remainingBalance = remainingBalance * (1 + interestRate / 12) - monthlyPayment;
cout << "After month " << month << ", your balance is : $" << remainingBalance << endl;
month++;
} while (monthlyPayment > ((interestRate*remainingBalance)/12) && remainingBalance > 0);
if (monthlyPayment > ((interestRate*remainingBalance)/12))
{
cout << "Your loan is officially paid off" << endl;
}
else
{
cout << " The monthly payment is too low resulting in the loan amount not being able to be repaid" << endl;
}
  
return 0;
}

If you put inputs like this u get desired output

C:\HomeworkLib>mpay
Enter loan amount: $500
Enter interest rate : 10
Enter desired monthly payment : $50
After month 1, your balance is : $454.17
After month 2, your balance is : $407.95
After month 3, your balance is : $361.35
After month 4, your balance is : $314.36
After month 5, your balance is : $266.98
After month 6, your balance is : $219.21
After month 7, your balance is : $171.03
After month 8, your balance is : $122.46
After month 9, your balance is : $73.48
After month 10, your balance is : $24.09
After month 11, your balance is : $-25.71
Your loan is officially paid off

C:\HomeworkLib>mpay
Enter loan amount: $50000
Enter interest rate : 22
Enter desired monthly payment : $900
After month 1, your balance is : $50016.67
The monthly payment is too low resulting in the loan amount not being able to be repaid

C:\HomeworkLib>

Screens: