Question #39904

You have just purchased a stereo system that cost $1000 on the following credit plan: no down payment, an interest rate of 18% per year (and hence 1.5% per month), and monthly payments of $50. The monthly payment of $50 is used to pay the interest and whatever is left is used to pay part of the remaining debt. Hence, the first month you 1.5% of $1000 in interest. That is $15 in interest. So, the remaining $35 is deducted from your debt, which leaves you with a debt of $965.00. The next month you pay interest of 1.5% of $965.00 which is $14.48. Hence, you can deduct $35.52 (which is $50-$14.48) from the amount you own. Write a program that will tell you how many months it will take you to pay off the loan, as well as the total amount of interest paid over the life of the loan. Use a loop to calculate the amount of interest and the size of the debt after each month. Use a variable to count the number of loop iterations and hence the number of months until the debt is zero.

Expert's answer

Dear customer,

Unfortunately, your question requires a lot of work and cannot be done for free.

Please submit it with all requirements as an assignment to our control panel and

we'll assist you.

Unfortunately, your question requires a lot of work and cannot be done for free.

Please submit it with all requirements as an assignment to our control panel and

we'll assist you.

## Comments

## Leave a comment