$5.00 Mortgage monthly payment

• From Computer-Science: Object-Oriented-Programming
• Due on Oct. 17, 2008
• Asked on Oct 14, 2008 at 6:23:35PM

Q:

The monthly payment on mortgage loan of L dollars, at a rate of interest r is given
by Monthly payment = [L(r/12)(1+R/12) ]/[(1+2/12) - 1]

Where N is the number of years of mortgage. Write a program to find the monthly
payment for 30 years, for principals from $100,000 through $200,000(with increments
of $20,000) and interest rates of 6% through 10% (with increments of 0.5%). Print
monthly payment as a whole number (rounded off).


The output must be a neat table, similar to the following (your answers may be slightly
different because of rounding off).
Principal 6% 6.5% 7% 7.5% 8% 8.5% 9% 9.5% 10%
100000 600 632 665 699 733 768 804 840 877
120000 719 758 798 839 880 922 965 1009 1053
140000 … … … … … … … … …
160000 … … … … … … … … …
180000 … … … … … … … … …
200000 … … … … … … … … …
Hint: Use the following idea to compute
double temp = 1+r/12;
double temp1 = 1;
for (int i = 1; i<=12*N;i++)
{
temp1 = temp1*temp;
}
The final formula now becomes:
double mp = (L*(r/12)*temp1)/(temp1-1);

 

bricefabber asked: You didn't specify what language you want this in. I'm assuming C++?
To which akhan143 said: Java.
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