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.© BrainMass Inc. brainmass.com March 4, 2021, 6:26 pm ad1c9bdddf
Please refer to the attached files.
double interestrate = 0.02;
double monthlypayment= 200.00;
The solution determines how much interest has the student paid for the year.