Absolute C++
6th Edition
ISBN: 9780133970784
Author: Walter Savitch, Kenrick Mock
Publisher: Addison-Wesley
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Chapter 1, Problem 4PP
Negotiating a consumer loan is not always straightforward. One form of loan is the discount installment loan, which works as follows. Suppose a loan has a face value of $1,000, the interest rate is
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Loan negotiation is usually not a straightforward task. A type of loan is the discount installment loan. This type of loan has the following characteristics. Supposing a loan has a face value of GHC 1000, interest is 12% and the duration is 24 months. The interest is compounded by multiplying the face value by 0.12 to produce GHC 120. The figure (120) is then multiplied by the loan period of 2 years to give GHC 240 as the total interest owed. This amount is immediately deducted from the face value leaving the customer with only GHC 760. Repayment is then made in monthly equal installments based on the face value. This means that the monthly payment will be GHC 1000 divided by 24 which is approximately 41.67. This method of calculating the monthly repayment is not too bad if the consumer needs only GHC 760 but the calculation is a bit complicated if the consumer needs GHC 1000. a. Write a program that will take 3 inputs1. The amount the consumer needs2. The interest rate3. The duration…
Negotiating a consumer loan is not always straightforward. One form of loan is the discount installment loan, which works as follows. Suppose a loan has a face value of $1,000, the interest rate is 15%, and the duration is 18 months. The interest is computed by multiplying the face value of $1,000 by 0.15, yielding $150. That figure is then multiplied by the loan period of 1.5 years to yield $225 as the total interest owed. That amount is immediately deducted from the face value, leaving the consumer with only $775. Repayment is made in equal monthly installments based on the face value. So the monthly loan payment will be $1,000 divided by 18,which is $55.56. This method of calculation may not be too bad if the consumer needs $775, but the calculation is a bit more complicated if the consumer needs $1,000. Write a program that will take three inputs: the amount the consumer needs to receive, the interest rate, and the duration of the loan in months. The program should then calculate…
Loan negotiation is usually not a straightforward task. A type of loan is the discount installment loan. This type of loan has the following characteristics. Supposing a loan has face value of GHC 1000, interest is 13% and the duration is 24 months. The interest is compounded by multiplying the face value by 0.13 to produce GHC 130. The figure (130) is then multiplied by the loan period of 2 years to give GHC 260 as the total interest owed. This amount is immediately deducted from the face value leaving the customer with only GHC 740. Repayment is then made in monthly equal installments based on the face value. This means that the monthly payment will be GHC 1000 divided by 24 which is approximately 41.67. This method of calculating the monthly repayment is not too bad if the consumer needs only GHC 760 but the calculation is a bit complicated if the consumer needs GHC 1000.
a. Write a program that will take 3 inputs
1. The amount the consumer needs
2. The interest rate
3. The duration…
Chapter 1 Solutions
Absolute C++
Ch. 1 - A metric ton is 35,273.92 ounces. Write a program...Ch. 1 - A government research lab has concluded that an...Ch. 1 - Workers at a particular company have won a 7.6 pay...Ch. 1 - Negotiating a consumer loan is not always...Ch. 1 - Write a program that determines whether a meeting...Ch. 1 - Prob. 6PPCh. 1 - One way to measure the amount of energy that is...Ch. 1 - The Babylonian algorithm to compute the square...Ch. 1 - The video game machines at your local arcade...Ch. 1 - Write a program that allows the user to enter a...
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