Answer to Question #55762 in Visual Basic for arjay
-Car Loan Write a program to analyze a car loan. See Fig. 4.60. The user should enter the amount of the loan, the annual percentage rate of interest, and the duration of the loan in months. When the user clicks on the button, the information that was entered should be checked to make sure it is reasonable. If bad data have been supplied, the user should be so advised. Otherwise, the monthly payment and the total amount of interest paid should be displayed. The formula for the monthly payment is
monthly payment=(p⋅r) / 1−[(1+r)raised to -n]
where p is the amount of the loan,r is the monthly interest rate (annual rate divided by 12) given as a number between 0 (for 0 %) and 1 (for 100 %), andn is the duration of the loan in months. The formula for the total interest paid is
total interest=n⋅[monthly payment]−p
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