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







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