Program- Write a program that will calculate monthly mortgage payments on a house purchase.
The equation you'll want to use is
[ payment= ((rate * (1+rate)^n ) / ((1+rate)^n -1)) *L ].
There are a few changes I want to what they list above.
- People are used to working with annual, not monthly interest rates
- Consumers think of the term of the loan in years, not months. It would still be good to tell them how many monthly payments they will be making.
- A house payment also includes property taxes, which are are assessed on an annual, not monthly basis
- The payment will also include home insurance, which is also calculated as an annual amount.
For consistency between everyone's programs, let's have our programs expect the subsequent user inputs from Standard Input (the keyboard).
Loan amount
Interest rate
Term
Property tax
Insurance
You have to prepare a program that will evaluate monthly mortgage payments.