Problem

Monthly PaymentsThe monthly payment on a loan may be calculated by the following formula:R...

Monthly Payments

The monthly payment on a loan may be calculated by the following formula:

Rate is the monthly interest rate, which is the annual interest rate divided by 12. (12% annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these values and displays a report similar to

Loan Amount:	10000.00
Monthly Interest Rate:	1%
Number of Payments:	36
Monthly Payment:	$ 332.14
Amount Paid Back:	$ 11957.15
Interest Paid:	$ 1957.15

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Solutions For Problems in Chapter 3

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