The monthly payment for a givenloan pays the principal and the interest. The monthly interest is computed by multiplyingthe monthly interest rate and the balance (the remaining principal). The principalpaid for the month is therefore the monthly payment minus the monthly interest.Write a program that lets the user enter the loan amount, number of years, and interestrate then displays the amortization schedule for the loan. Here is a sample run:   Loan Amount: 10000 ↵EnterNumber of Years: 1 ↵EnterAnnual Interest Rate: 7 ↵EnterMonthly Payment: 865.26Total Payment: 10383.21Payment#     Interest    Principal       Balance1                   58.33     806.93           9193.072                   53.62     811.64           8381.43...11                10.00       855.26          860.2712                 5.01        860.25          0.01

C++ Programming: From Problem Analysis to Program Design
8th Edition
ISBN:9781337102087
Author:D. S. Malik
Publisher:D. S. Malik
Chapter4: Control Structures I (selection)
Section: Chapter Questions
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The monthly payment for a given
loan pays the principal and the interest. The monthly interest is computed by multiplying
the monthly interest rate and the balance (the remaining principal). The principal
paid for the month is therefore the monthly payment minus the monthly interest.
Write a program that lets the user enter the loan amount, number of years, and interest
rate then displays the amortization schedule for the loan. Here is a sample run:

 

Loan Amount: 10000 ↵Enter
Number of Years: 1 ↵Enter
Annual Interest Rate: 7 ↵Enter
Monthly Payment: 865.26
Total Payment: 10383.21
Payment#     Interest    Principal       Balance
1                   58.33     806.93           9193.07
2                   53.62     811.64           8381.43
...
11                10.00       855.26          860.27
12                 5.01        860.25          0.01

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