The monthly payment on a loan may be calculated by the following formula: N Раутеnt Rate-(1+Rate)" L (1+Rate)N–1 Rate is the monthly interest rate, which is the annual interest rate divided by 12. (A...

Monthly payment c++

Extracted text: The monthly payment on a loan may be calculated by the following formula: N Раутеnt Rate-(1+Rate)" L (1+Rate)N–1 Rate is the monthly interest rate, which is the annual interest rate divided by 12. (A 12 percent annual interest would be 1 percent monthly interest.) N is the number of payments Lis the amount of the loan. Write a program that asks for these values and displays a report similar to the following: Loan Amount: $ 10000.00 Monthly Interest Rate: 1% Number of Payments: 36 Monthly Payment: $ 332.14 Amount Paid Back: $ 11957.15 Interest Paid: $ 1957.15