# C++ Programming Assignment 1 Loan Payment Calculator The purpose of this assignment is to get you…

C++ Programming Assignment 1 Loan Payment Calculator The purpose of this assignment is to get you back into programming and give you some practice with some C++ topics that you should be familiar with from CSIS 111 as well as a new concept, random number generation. Overview: You are working as a computer programmer for a mortgage company that provides loans to consumers for residential housing. Your task is to create an application to be used by the loan officers of the company when presenting loan options to its customers. The application will be a mortgage calculator that
C++ Programming Assignment 1 Loan Payment Calculator The purpose of this assignment is to get you back into programming and give you some practice with some C++ topics that you should be familiar with from CSIS 111 as well as a new concept, random number generation. Overview: You are working as a computer programmer for a mortgage company that provides loans to consumers for residential housing. Your task is to create an application to be used by the loan officers of the company when presenting loan options to its customers. The application will be a mortgage calculator that determines a monthly payment for loans. The company offers 10-, 15-, and 30-year fixed loans. The interest rates offered to customers are based on the customers credit score. Credit scores are classified into the following categories: Table 1: Credit Score Categories RatingRange Excellent XXXXXXXXXX Good XXXXXXXXXX Fair XXXXXXXXXX Bad XXXXXXXXXX The program should initially prompt the user (the loan officer) for the principle of the loan (i.e. the amount that is being borrowed). It should then ask him or her to enter the customers credit score. Based on the customers credit score, the program will randomly generate an interest rate based on the following ranges: Table 2: Interest Rate Assignments Rating Interest Rate Excellent 2.75% – 4.00% Good 4.01% – 6.50% Fair 6.51% – 8.75% Bad 8.76% XXXXXXXXXX% The final input should be the number of years that the loan will be outstanding. Because the company only offers three different terms ( 10-, 15-, and 30-year loans), the program should ensure that no other terms are entered.
Formulas Payment Calculator [Adapted from Wittwer, J.W., “Amortization Calculation,” FromVertex42.com, Nov 11, 2008.] The formula to calculate the monthly payment for a fixed interest rate loan is as follows:
where A= payment Amount per period P= initial Principal (loan amount) r= interest rate per period n= total number of payments or periods Example:What would themonthlypayment be on a 15-year, \$100,000 loan with a 4.50%annualinterest rate? P= \$100,000
r= 4.50% per year / 12 months = 0.375% (or XXXXXXXXXXper period

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