Interest Determination Per Annum
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A student borrows 3,000 at an interest rate of 2 % per month on the unpaid balance. If the student pays $200 at the end of each month, what is the remaining balance at the end of one year?
How much interest has the student paid for the year?
Output: Output consists of a screen display showing the balance each month, remaining balance at the end of one year and the total interest the student has paid for the year.
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Solution Summary
The solution determines how much interest has the student paid for the year.
Solution Preview
Please refer to the attached files.
#include<iostream.h>
void main()
{
double interestrate = 0.02;
double monthlypayment= 200.00;
double borrowedamount[12];
borrowedamount[0]= ...
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