Please program in C++ Suppose that you shop for a car. It is always a wise idea

Question

Please program in C++

Suppose that you shop for a car. It is always a wise idea to know how to compute the monthly payments, the cost of financing, etc. Write a program that asks the user to enter the following

1. ask for the sale price: double sale_price

2. compute the sale tax (say NYS is 8.5% of the sale price): double sale_tax

3. ask for dealer fees: some value at most $75 (in NYS): double doc_fee

4. registration and inspection: set it to $85. (in NYS) double reg_fee

5. Add these up: double price

6. Set the down payment: double down_pay

7. Subtract the 6. from 5. to get amount of loan: double loan

8. Ask for the annual rate for the loan: double r; This is a percentage value. It then should be divided by 12; for example, 3.5% become 0.035 / 12 (this is the monthly rate)

9. Ask for the loan duration: int n which is the number of months for the loan to be paid off; for example 36mo, 48, 60mo, etc.

10. Now you can compute the monthly payment double mo_pay as follows:

where the above formula is connected with the compound interest formula from the previous problem.

11. Compute the cost of the loan: finance_cost = n * mo_pay - loan;

12. Compute the total cost of the car: total_cost = down_pay + n * mo_pay

13. Print all the values in a tabulated fashion as if you were to write a contract of sale.

Explanation / Answer

#include <iostream>
#include <cmath>
using namespace std;

int main() {
double sale_price,sale_tax,doc_fee,reg_fee,price,loan,down_pay,r,mo_pay,finance_cost,total_cost;
int n;

cout<<"Enter the sale price : ";
cin>>sale_price;

sale_tax = 0.085*sale_price;

cout<<" Enter dealer fees: some value at most $75 (in NYS):";
cin>>doc_fee;

reg_fee = 85;
price = sale_price+sale_tax+reg_fee;
   
cout<<" Enter the down payment : ";
cin>>down_pay;
loan = price - down_pay;

cout<<" Enter annual rate for the loan: ";
cin>>r;
r = r/1200;//monthly rate
    
cout<<" Enter the loan duration: ";
cin>>n;
  
mo_pay = loan *((r*pow((1+r),n))/(pow((1+r),n)-1));
                                 
         
finance_cost = n * mo_pay - loan;
total_cost = down_pay + n * mo_pay;

cout<<" Price loan MonthlyPayment";
cout<<" "<<price<<" "<<loan<<" "<<mo_pay;

return 0;
}

Output:

Enter the sale price :40000
Enter dealer fees: some value at most $75 (in NYS):100
Enter the down payment :2000
Enter annual rate for the loan:10
Enter the loan duration:10
Price loan MonthlyPayment
43485 41485 4341.01

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