Question

Suppose that P dollars are borrowed from a bank, with the understanding that A dollars will be
repaid each month until the entire loan has heen repaid, Part of the monthly payment will be
interest, calculated as i percent of the current unpaid balance. The remainder of the monthly
payment will be applied toward reducing the unpaid balance.
Write a javascript program that will determine the following information:
(i) Tihe amount of interest paid each month.
(ii)The amount of money applied toward the unpaid belance each month.
(iii)The cumulative amount of interest that has been paid at the end of each month
(iv)The amount of the loan that is still unpaid at the end of each month,
(v)The number of monthly payments required to repay the entire lonn
(vi)The amount of the last payment (since it will probably be less than A).
Test your program using the following data: P = $40,000, A = $2,000; ¡= 1% per month

Answer 1

Answer:

Suppose that P dollars are borrowed from a bank, with the understanding that A dollars will be

repaid each month until the entire loan has heen repaid, Part of the monthly payment will be

interest, calculated as i percent of the current unpaid balance. The remainder of the monthly

payment will be applied toward reducing the unpaid balance.

Write a javascript program that will determine the following information:

(i) Tihe amount of interest paid each month.

(ii)The amount of money applied toward the unpaid belance each month.

(iii)The cumulative amount of interest that has been paid at the end of each month

(iv)The amount of the loan that is still unpaid at the end of each month,

(v)The number of monthly payments required to repay the entire lonn

(vi)The amount of the last payment (since it will probably be less than A).

Test your program using the following data: P = $40,000, A = $2,000; ¡= 1% per month

it is the answer