Comparing Loans Program

The assignment is for MITS4002 Activity 07: Comparing Loans, where students need to write a program that allows users to input loan amount and period in years, then displays monthly and total payments for each interest rate from 5% to 8%, with an increment of 1/8. The program should use the given formulas to compute the payments.

MITS4002
OBJECT-ORIENTED SOFTWARE
DEVELOPMENT
Activity 07
Due: Monday Lesson 09
50% deduction for Late Submission within one week
0 mark for Late Submission more than one week
0 mark for duplicated Submission or Shared Work
You will be marked based on your submitted zipped file on Moodle. You are
most welcome to check your file with your lab tutor before your submission.
No excuse will be accepted due to file corruption, absence from lecture or lab
classes where details of lab requirements may be given.
Please make sure that you attend Lecture EVERY WEEK as low
attendance may result in academic penalty or failure of this unit.
Student ID:
Student full name:
Total Points (20 pts):

MITS4002 Activity 07
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MITS4002 Activity 07
Project: Comparing Loans
Problem Description:
Write a program that lets the user enter the loan amount and loan period in number of
years and displays the monthly and total payments for each interest rate starting from 5%
to 8%, with an increment of 1/8. Here is a sample run:
<Output>
Loan Amount: 10000
Number of Years: 5
Interest Rate Monthly Payment Total Payment
5.000% 188.71 11322.74
5.125% 189.28 11357.13
5.250% 189.85 11391.59
...
7.875% 202.17 12129.97
8.000% 202.76 12165.83
<End output>
Use the formulas below to compute monthly payment and total payment.
mont h lyPayment=loanAmount∗mont h lyInterestRate
1− 1
¿ ¿ ¿
totalPayment =mont hlyPayment∗12∗numberOfYears
Analysis: (Describe the problem including input and output in your own words.)
1