Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12= 0.00417. After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417After the second month, the value in the account becomes(100 + 100.417) * (1 + 0.00417) = 201.252 After the third month, the value in the account becomes(100 + 201.252) * (1 + 0.00417) = 302.507 and so on.Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.

Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12= 0.00417. After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417After the second month, the value in the account becomes(100 + 100.417) * (1 + 0.00417) = 201.252 After the third month, the value in the account becomes(100 + 201.252) * (1 + 0.00417) = 302.507 and so on.Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.

C++ Programming: From Problem Analysis to Program Design

8th Edition

ISBN:9781337102087

Author:D. S. Malik

Publisher:D. S. Malik

Chapter5: Control Structures Ii (repetition)

Section: Chapter Questions

Problem 20PE: When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making...

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Suppose you save $100 each month in a savings account with annual interest rate 3.75%. Thus, the monthly interest rate is 0.0375/12 = 0.003125. After the first month, the value in the account becomes 100 * (1 + 0.003125) = 100.3125, after the second month, the value in the account becomes (100 + 100.3125) * (1 + 0.003125) = 200.938, after the third month, the value in the account becomes (100 + 200.938) * (1 + 0.003125) = 301.878 and so on. Write a Java program that prompts the user to enter a monthly saving amount and displays the account value after the sixth month. (You will use a loop to simplify the code and display the account value for any month.) Sample Output:Enter the monthly saving amount: 100After the first month, the account value is 100.3125After the second month, the account value is 200.9384765625After the third month, the account value is 301.8789093017578Note: The computation should be until 12 months.
Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12 = 0.00417. After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417 After the second month, the value in the account becomes (100 + 100.417) * (1 + 0.00417) = 201.252 After the third month, the value in the account becomes (100 + 201.252) * (1 + 0.00417) = 302.507 Draw a flow chart.
When you borrow money to buy a house, a car, or for some other purposes, then you typically repay it by making periodic payments. Suppose that the loan amount is L, r is the interest rate per year, m is the number of payments in a year, and the loan is for t years. Suppose that i = (r / m) and r is in decimal. Then the periodic payment is: You can also calculate the unpaid loan balance after making certain payments. For example, the unpaid balance after making k payments is: where R is the periodic payment. (Note that if the payments are monthly, then m = 12.) Instructions Write a program that prompts the user to input the values of L, r, m, t, and k. The program then outputs the appropriate values. Your program must contain at least two functions, with appropriate parameters, to calculate the periodic payments and the unpaid balance after certain payments. Make the program menu driven and use a loop so that the user can repeat the program for different values. Example of…
When you use a mortgage to purchase a home, the lending institution effectively owns the home. You buy back part ownership in the home with each monthly payment. The part you have bought back is your equity in the home. If the mortgage amount is P dollars, the monthly interest rate is r as a decimal, and the term of the mortgage is t months, then your equity after k payments is E(k) = P((1 + r)k − 1) (1 + r)t − 1 dollars. In this exercise, assume that the mortgage amount is $200,000, the APR is 6% so r = .06/12 and the term of the loan is 30 years (360 months). (a) Find a formula for the equity. (b) Make a graph of the equity over 360 months, the term of the loan. (c) Does the graph show that you have half-ownership in the home halfway through the term of the mortgage? Halfway through the term of the mortgage corresponds to k1 = _______ payments. From the graph, we see that E(k1) is ________ half of the mortgage amount, so we _______ have half-ownership in the home…
Suppose you save $100 each monthin a savings account with annual interest rate 3.75%. The monthly interest rateis 0.0375 / 12 = 0.003125. After the first month, the value in the accountbecomes100 * (1 + 0.003125) = 100.3125After the second month, the value in the account becomes100 + 100.3125) * (1 + 0.003125) = 200.938After the third month, the value in the account becomes(100 + 200.938) * (1 + 0.003125) = 301.878and so on.Write a program that prompts the user to enter an amount (e.g., 100), the annualinterest rate (e.g., 3.75), and the number of months (e.g., 6) and displays theamount in the savings account after the given month.
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The annual rate of inﬂation is the rate at which money loses its value. For example, if the annual rate of inﬂation is 3.0%, then in one year it will cost $1030 to buy the goods that could have been purchased for $1000 today. Put another way, a year from now $1000 will only buy 1/1.03 * $1000, or $970.87, worth of goods. Two years from now $1000 will only buy only 1/1.03 of $970.87, or $942.59 worth of goods. Write a program that allows the user to enter an annual rate of inﬂation between 1% and 15%, and which then reports how much $1000 today will be worth each year for the next 10 years.
Interest on a credit card’s unpaid balance is calculated using the average daily balance. Suppose that netBalance is the balance shown in the bill, payment is the payment made, d1 is the number of days in the billing cycle, and d2 is the number of days payment is made before billing cycle. Then, the average daily balance is: averageDailyBalance = (netBalance * d1 - payment * d2) / d1. The interest on the unpaid balance is: interest = averageDailyBalance * interestRate where interestRate is the interest rate per month. Write a program that accepts as input netBalance, payment, d1, d2, and interestRate. The program outputs the interest. Format your output to two decimal places. Analyze and design this program. Write the code, compile and run it. Upload your analysis and design document and your .cpp source code file here.
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Suppose you have a certain amount of money in a savings account that earns compound monthly interest, and you want to calculate the amount that you will have after a specific number of months. The formula is as follows: f = p * (1 + i)^t • f is the future value of the account after the specified time period. • p is the present value of the account (the account's current balance). • i is the monthly interest rate. • t is the number of months. Write a program that takes the account's present value (current balance), monthly interest rate, and the number of months that the money will be left in the account as three inputs from the user. The program should pass these values to a function that returns the future value of the account, after the specified number of months. The program should print the account's future value. Look carefully at the following sample run of the program. In particular, notice the wording of the messages and the placement of…