Programming Homework Help. William Rainey Harper College Car Loan Amortization Calculation Application
For this assignment, you’ll build an application that calculates the car loan amortization (month by month breakdown for the life of the loan). Prompt the user to enter in the amount of the car loan, the APR, and the car payment per month including interest. The final output of your program should break down the monthly output for the user with the final line showing the total amount paid, total interest paid, and the number of months it took to pay off the car.
Sample
If the user enters a car loan amount of 20,000 with an APR of 4.5 and monthly payment of 350, the output should look something like this. Note that formatting won’t be graded very harshly here for spacing, but it’s important to make sure you have the number values on each line as shown below and that you are formatting money values as currency (ahem… .ToString(“C”)).
Calculations from month to month will use what’s known as simple interest to determine the interest charge each month. Here’s a breakdown of how it’s calculated and your task will be translating this all to C#:
Determine the monthly interest rate by dividing the APR entered by the user by 12. Then divide by 100 since this is a percent
4.5 / 12 / 100 = 0.00375
Calculate the interest for the current month using the current balance. Make sure you round this to 2 decimal places to prevent rounding errors from month to month (use Math.Round for this since you actually want to round the number value instead of just format it for display):
21000 * 0.00375 = 78.75
Calculate the principle paid for the current month by subtracting the interest from step 2 from the payment
350 – 78.75 = 271.25
Calculate the remaining balance by adding the interest to the previous balance and subtracting the payment
21000 + 78.75 – 350 = 20728.75
Repeat this until the balance gets down to 0
Most likely, there will be a special case in the last month where the total payment left doesn’t match the balance + new interest. In that case, you’ll need to adjust the amount paid as shown in this example
Keep track of the total amount paid and total interest to print on the final line.
