Question

Using basic C++, Find the total amount of payments that are still needed to pay off the loan.

Loan 1:

INPUT

Loan amount: 28781.34

interest rate: 1.99

amount of payments made: 14

years on loan: 5

OUTPUT

periodic payment: 504.35

unpaid balance: 22319.34

payments still needed to pay loan: 46

Loan 2:

INPUT

Loan amount: 33456.12

interest rate: 6.99

amount of payments made: 40

years on loan: 8

OUTPUT

periodic payment: 455.96

unpaid balance: 21734.13

payments still needed to pay loan: 56

Loan 3:

INPUT

Loan amount: 16879.45

interest rate: 3.54

amount of payments made: 120

years on loan: 10

OUTPUT

periodic payment: 167.23

unpaid balance: 0.00

Loan is PAID IN FULL!

Answer 1

Code:

#include<iostream>
#include<cmath>
using namespace std;
int main()
{
   for(int i=1;i<=3;i++)
   {
       float p,r,pmade,time;
       cout<<"Loan "<<i<<":"<<endl;
       cout<<"Loan Amount: ";
       cin>>p;
       cout<<"interest rate: ";
       cin>>r;
       cout<<"amount of payments made: ";
       cin>>pmade;
       cout<<"years on loan: ";
       cin>>time;
       float n=time*12;
       r = r / (12 * 100);
       float periodicPayment= (p * r * pow(1 + r, n)) / (pow(1 + r, n) - 1); //monthly installment
       float loanAmount=p;
       for (int j = 1; j <= pmade; j++) //to calculate outstading balance
       {
           loanAmount += (loanAmount * r);
           loanAmount -= periodicPayment;
          
       }
       cout<<endl<<"periodic payment: "<<periodicPayment<<endl;
      
       if(loanAmount<=0)
       {
           cout<<"unpaid balance: 0.00 "<<endl;
           cout<<"Loan is PAID IN FULL"<<endl;
          
       }
       else
       {
           cout<<"unpaid balance: "<<loanAmount<<endl;
           cout<<"payments still needed to pay loan: "<<(n-pmade)<<endl<<endl;
       }
   }
  
}

Output: