# Mini-Program
2: Amortization tables

## Description

Very early on, computer programs were recognized for their
ability to compute tedious financial and accounting records. The purpose of this
assignment is to produce an amortization table for a loan. Amortization tables
are used to calculate a monthly payment on a loan as well as details on each
payment (principle remaining, amount to interest, amount to principle, etc.).

principle = the total amount of
money left to be paid on the loan

interest rate = the monthly rate at
which interest is added to the principle (divide 'annual interest rate' by 12,
APR by 1200)

period = the total number of months
allowed for paying off the loan

monthly payment = the minimum
amount required to pay off the principle and interest per month

## SPECIFICATIONS

The function will be given the principle, interest rate, and
period. The monthly payment must be calculated within this function.

To calculate the monthly payment, use the following formula:

monthlyPayment = ( interestRate
+ (interestRate / ( ( 1 + interestRate
) ^ period - 1 ) ) ) * principle

## INPUT

double principle = initial loan
amount

double interestRate
= monthly interest rate (yearly rate)

int
period = number of months

e.g. principle = 150000, monthlyInterestRate = .06/12, period = 360 months, monthlyPayment = 899.33

Provide the monthlyPayment for the
following input sets:

principle = 2500, monthlyInterestRate = .07/12, period = 180 months

principle = 1000, monthlyInterestRate = .05/12, period = 12 months

principle = 200000, monthlyInterestRate
= .06/12, period = 360 months

principle = 10000, monthlyInterestRate
= .18/12, period = 24 months

principle = 7500, monthlyInterestRate
= .01/12, period = 40 months

## OUTPUT

Your function must return a single value of the monthly
payment.

Eg. calculateMonthlyPayment(
2500, .06/12, 36 ) will return 76.05.

## DELIVERABLES

A calculateMonthlyPayment method
that correctly returns the minimum monthly payment based on the given formula.

## GETTING STARTED

// include io, use std namespace

// double calculateMonthlyPayment(double,
double, int);

double calculateMonthlyPayment(double
myPrinciple, double myInterestRate,
int myPeriod)

{

// return the monthly payment

}

int
main()

{

cout << calculateMonthlyPayment(150000,
.06/12, 360) ;

return 0

}