Engineering
Engineering, 27.11.2019 04:31, lesgumball

The monthly payment on a loan may be calculated by the following formula:

payment = [rate * (1 + rate)^n / ((1 + rate)^n – 1)] * l

rate is the monthly interest rate, which is the annual interest rate divided by 12. (12% annual interest would be 1 percent monthly interest.) n is the number of payments, and l is the amount of the loan. write a program that asks for these values and displays a report similar to

loan amount: $ 1.00
monthly interest rate: 1%
number of payments: 36
monthly payment: $332.14
amount paid back: $11957.15
interest paid: $1957.15

answer
Answers: 1

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The monthly payment on a loan may be calculated by the following formula:

payment = [ra...

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