Negotiating a consumer loan is not always straightforward. One form of a loan is

Question

Negotiating a consumer loan is not always straightforward. One form of a loan is the discount installment loan, which works as follows. Suppose a loan has a face value of $1000, the interest rate is 15%, and the duration is 18 months. The interest is computed by multiplying the face value of $1000 by 0.15 to yield $150. That figure is then multiplied by the loan period of 1.5 years to yield $225 as the total interest owed. The amount is immediately deducted from the face value, leaving the consumer with only $775. Repayment is made in equal monthly installments based on the face value. Thus, the monthly loan payment will be $1000 divided by 18 or $55.56. This method of calculation may not be too bad if the consumer needs $775, but the calculation is a bit more complicated if the consumer needs $1000. Write a program that will take three inputs: the amount the consumer needs to receive, the interest rate, and the duration of the loan in months. The program should then calculate the face value required in order for the consumer to receive the amount needed and should also calculate the monthly payment.

Explanation / Answer

please rate - thanks hope this is what your looking for. if not message me #include<iostream>
#include<iomanip>
using namespace std;
int main()
{double rate,face,need,years,interest;
int month,i;
cout<<"Enter the amount of loan you need: ";
cin>>need;
cout<<"enter the interest rate ex 15% enter 15: ";
cin>>rate;
rate/=100;
cout<<"Enter the duration of the loan in months: ";
cin>>month;
years=month/12;
face=need;
interest=face*rate*years;
while(face-interest<need)
   {face++;
    interest=face*rate*years;
   }
cout<<"face value needed: $"<<setprecision(2)<<fixed<<face<<endl;
cout<<"Interest to be paid: $"<<setprecision(2)<<fixed<<interest<<endl;
cout<<"monthly payment: $"<<setprecision(2)<<fixed<<face/month<<endl;
system("pause");
return 0;
}                 

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