Determining the monthly payment on a mortgage loan, C/C++ Programming

The following is the formula that can be used to complete that calculation:

Monthly Payment =

Monthly Interest Rate / (1 - (1 + Monthly Interest Rate) -Payment Interval)) * Principal

Where

Monthly Interest Rate expressed as: Interest Rate / 100 / 12.

Payment Interval expressed as: Number of Years * Months of Year.

Principal is total amount of mortgage expressed without any comma separators or $ prefixing it.

An example for the above formula:

Rate: 7.75

Period: 360

Principal: $100,000

(7.75 / 100 /12) / (1 - (1 + 7.75 /100 / 12) ^ -(30 * 12) ) * 100000

The result of the above formula generates a value of 682.18. (Note that there is no formatting of the value.) The ^ is the symbol for an exponent that replaces the superscript in an actual formula.

In C++ you must declare variables for the rate, period, principal, and monthly payment. Each of these variables is prefixed with a data type. In this case the data types are limited to float for decimal-based numbers (interest rate and monthly payment) and int for whole numbers (payment interval and principal). NOTE: C++ in case sensitive so be sure the variable is the same in every instance.

Some of the Code:

          Payment = ?? / (1 - pow((1 + ??), - ?? * 12))  * ??;

          cout << "Your monthly mortgage payment is $" << ?? << endl  << endl;

[Remember to have #include

Test:

Rate

Period

Principal

Monthly Payment

3.50%

30 years

$350,000.00

1571.656

6.25%

15 years

$275,000.00

2357.913

7.325%

30 years

$468,000.00

3216.427*

5.50%

40 years

$725,000.00

3739.335

8.125%

30 years

$645,000.00

4789.107*

*Possible rounding error

Posted Date: 4/1/2013 3:26:39 AM | Location : United States







Related Discussions:- Determining the monthly payment on a mortgage loan, Assignment Help, Ask Question on Determining the monthly payment on a mortgage loan, Get Answer, Expert's Help, Determining the monthly payment on a mortgage loan Discussions

Write discussion on Determining the monthly payment on a mortgage loan
Your posts are moderated
Related Questions
What is meant by open addressing? Explain various collision resolution techniques with example

a) Implement a binomial tree class with a method that calculates the value of an option passed in to the class. The binomial tree should not rely on specific features of the differ

#Hi, I''m planning to derive the escape velocity through C++. I would just like to know if it''s possible to differentiate symbolic functions? Do I need to download libraries,etc?

how objects are initialized dynamically?

What are  P r im a r y D a t a T y p es? Integer can be defined according to the size of the data and it can be modified further by using keyword unsigned and si

List any six commonly found programming errors in a C program Six commonly found errors in a C program are: 1.  Missing or misplaced  ; or  }, missing return type for a proc

Make the following 3 functions work by filling in appropriate C code. This file 1. // Write a function to count the number of particular characters in a string. // Do not use a

The default Constructor and Destructor If you fail to write a constructor and destructor function,  the compiler automatically supplies them for you. These functions have publi

Implementation of the Dictionary class: int Dictionary::find_word(char *s) {    char word[81];    for (int i = 0; i       if (stricmp(words[i].get_word(word),s) =

Explain a class to model a banking system. The function members should allow initializing the data members, a query to facilitate for account and a facility to deposit and with