Programming Project 2 - 15 points

Due: Thursday September 27th by 2:30pm

Sample program run - User input in bold

Welcome to the Loan Payment Program

Enter loan amount   : 1000
Enter interest rate : 10
Enter payment amount: 100
Payment   Balance  interest   principle
  1       1008.33      8.33       91.67
  2        915.90      7.57       92.43
  3        822.70      6.80       93.20
  4        728.72      6.02       93.98
  5        633.96      5.24       94.76
  6        538.41      4.45       95.55
  7        442.07      3.65       96.35
  8        344.92      2.85       97.15
  9        246.96      2.04       97.96
 10        148.18      1.22       98.78

Final Payment of : 48.18
 
Do you wish to continue? Enter Q to quit anything else to continue: y


Welcome to the Loan Payment Program

Enter loan amount   : 1000
Enter interest rate : 10
Enter payment amount: 125
Payment   Balance  interest   principle
  1       1008.33      8.33      116.67
  2        890.69      7.36      117.64
  3        772.08      6.38      118.62
  4        652.47      5.39      119.61
  5        531.86      4.40      120.60
  6        410.25      3.39      121.61
  7        287.63      2.38      122.62
  8        163.99      1.36      123.64

Final Payment of : 38.99
 
Do you wish to continue? Enter Q to quit anything else to continue: q

Your program should print a header and prompt the user to enter the loan amount, the interest rate, and the amount of the payment. You may assume that only valid and reasonable inputs will be entered (i.e You don't need to do any range checking on the input). Use appropriate data type for your variables. Note that the interest rate needs to be a decimal number when doing calculations (7.25% = .0725 => 7.25/100 = .0725). Once the data is entered, your program should output a report including the payment number, the remaining balance, the amount of interest, the amount applied to the principle and the final payment. All values should be output to TWO decimal place accuracy and aligned in columns as shown above (Hint: use setw() from the iomanip library). User should be allowed to run the program until they choose to quit.

Notes:

• You must use while or do / while loops for this project do not use for loops.
• Follow the program development process (analysis - design - implementation - testing).
• Pseudo code will be most helpful.
• Develop at least three test cases BEFORE you start writing C++ code.
• Add only a few lines to your source code at a time.
• Compile and run your program each time you add a new feature or correct a bug (sometimes fixing one bug creates new ones!).
• It is easier to test a program that has only a few changes, than it is to test one that has a lot of new code.
• Get the input and calculation phase to work for a single case before trying in a loop.
• Get the calculation loop working before adding the outer loop.
• Be sure to document your source file, and use the good indenting and spacing as described in the style guidelines and discussed in class.
• Review the Lab Guidelines and the Programming Projects information (be sure to read and understand the Policy on Collaboration ).

What to Turn In:

electronic version files: Due: Thursday September 27th by 2:30pm

• yourLastNameP2 (folder with other files)
• yourLastNameP2.cpp

paper version: Due: Thursday September 27th by 2:30pm

• yourLastNameP2.cpp