Question

Write a program in C++ to solve the following problem:
A sailboat costs $75,000. You pay 15% down and amortize the rest with equal monthly payments over a 10-year period. If you must pay 7.75% compounded monthly, what is your monthly payment? How much interest will you pay?
???= ?? ×?1− (1+?)−?
?= ??
?=??
??? ⇒???????? ??????? (????ℎ?? ???????) ?? ⇒??????? ????? (???? ??????) ? ⇒?????? ???? ?? ???????? ? ⇒??????????? ???????? ? ⇒????
Note: Do not declare any constants.Input: Cost of Sailboat, Downpayment, Rate of Interest, and TimeOutput: Monthly Payment and Interest

Answer 1

#include <iostream>
#include <cmath>

using namespace std;

int main() {
    double sailBoatCost = 75000, rate = 0.0775;
    double remainingPayment = 0.85 * sailBoatCost;
    double monthlyPayment = remainingPayment * (1.0 + rate / 12.0) * (1.0 - 1 / (1.0 + rate / 12.0)) / (1.0 - pow(1.0 / (1.0 + rate / 12.0), 120.0));
    cout << "Monthly payment is " << monthlyPayment << endl;
    cout << "Total payments paid will be " << (120.0 * monthlyPayment) << endl;
    cout << "Total interest paid is " << ((120.0 * monthlyPayment) - remainingPayment) << endl;
    return 0;
}