SHARE
SPREAD
HELP

The Tradition of Sharing

Help your friends and juniors by posting answers to the questions that you know. Also post questions that are not available.


To start with, Sr2Jr’s first step is to reduce the expenses related to education. To achieve this goal Sr2Jr organized the textbook’s question and answers. Sr2Jr is community based and need your support to fill the question and answers. The question and answers posted will be available free of cost to all.

 

#
Authors:
Walter Savitch ,julia Lobur
Chapter:
C++ Basics
Exercise:
Programming Projects
Question:9 | ISBN:9780321531346 | Edition: 7

Question

9. You have just purchased a stereo system that cost $1,000 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 pay 1.5% of $1,000 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 owe. 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.

TextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbookTextbook

Sorry the answer is not available at the moment…

If you are able to find the answer, please make sure to post it here. So that your Juniors have smile on their lips and feel happy.

Spread the 'tradition of sharing'.