Write a program that asks the user for a loan amount, an annual interest rate, and a monthly payment amount; call a function called payoff which displays a list of the account month by month and then returns the number of months needed to payoff the loan. For example:

Please enter loan amount: 1000.00

Please enter monthly payment: 100.00

Please enter annual interest: 5.00

Interest rate per month is 0.42

Mon: 1 Bal: 1000.00 + Int:4.17 - Pay:100.00

Mon: 2 Bal: 904.17 + Int:3.77 - Pay:100.00

Mon: 3 Bal: 807.93 + Int:3.37 - Pay:100.00

Mon: 4 Bal: 711.30 + Int:2.96 - Pay:100.00

Mon: 5 Bal: 614.26 + Int:2.56 - Pay:100.00

Mon: 6 Bal: 516.82 + Int:2.15 - Pay:100.00

Mon: 7 Bal: 418.98 + Int:1.75 - Pay:100.00

Mon: 8 Bal: 320.72 + Int:1.34 - Pay:100.00

Mon: 9 Bal: 222.06 + Int:0.93 - Pay:100.00

Mon: 10 Bal: 122.98 + Int:0.51 - Pay:100.00

Last payment: 23.50

It will take 11 months to pay off the loan.

Also, make sure the loan does not take more than 360 payments (30 years + a payoff). For example, if a loan will cost more in interest than the payments, it will never end, so we need to trap for that:

Please enter loan amount: 50000.00

Please enter monthly payment: 400.00

Please enter annual interest: 10.00

Interest rate per month is 0.83

Mon: 1 Bal: 50000.00 + Int:416.67 - Pay:400.00

Mon: 2 Bal: 50016.67 + Int:416.81 - Pay:400.00

Mon: 3 Bal: 50033.47 + Int:416.95 - Pay:400.00

Mon: 4 Bal: 50050.42 + Int:417.09 - Pay:400.00

Mon: 5 Bal: 50067.50 + Int:417.23 - Pay:400.00

Mon: 6 Bal: 50084.73 + Int:417.37 - Pay:400.00

…

Mon: 357 Bal: 86379.40 + Int:719.83 - Pay:400.00

Mon: 358 Bal: 86699.23 + Int:722.49 - Pay:400.00

Mon: 359 Bal: 87021.73 + Int:725.18 - Pay:400.00

Mon: 360 Bal: 87346.91 + Int:727.89 - Pay:400.00

Report was stopped, does not seem to end.

 

Start with this code;

#include<iostream>

// YOUR CODE HERE

// TO HERE!

// DO NOT CHANGE ANYTHING BELOW

int main() {

double loan, payment, interest;

cout.setf(ios::fixed, ios::floatfield);

cout.precision(2);

cout<< "Please enter loan amount: ";

cin>> loan;

cout<< loan <<endl;

cout<< "Please enter monthly payment: ";

cin>> payment;

cout<< payment <<endl;

cout<< "Please enter annual interest: ";

cin>> interest;

cout<< interest <<endl;

intnumMonths = payoff(loan, payment, interest);

if (numMonths != -1) {

cout<< "It will take " <<numMonths;

cout<< " months to pay off the loan." <<endl;

}

return 0;

}