Challenge 2

Description

The purpose of this challenge is to use various flow control structures. This challenge uses techniques for displaying formatted output, simulating a payment structure for paying off outstanding debt such as a credit card or any kind of interest-bearing loan.

Requirements

  1. Declare double variables called balance, monthly, apr, apr_monthly, start_bal, interest, end_bal
  2. Declare an integer called month. Initialize this to 1.
  3. Prompt the user to enter a value for balance
  4. Prompt the user to enter value for monthly. Use a do-while loop to ensure that the user cannot enter a negative number for monthly (input validation!)
  5. Prompt the user to enter a value for apr
  6. Set start_bal to balance
  7. Use a while loop to display the payment breakdown (See Sample Interaction) and how long it will take to pay off the balance. We use a while loop since we don’t know how many months it will take based on the input values.
  8. See the Sample Interaction. The variables month, start_bal, interest, monthly and end_bal correspond respectively to the columns in the table.
  9. Use these formulas to calculate the payment breakdown
    • apr_monthly = (apr / 12) / 100
    • interest = start_bal * apr_monthly
    • end_bal = start_bal + interest – monthly
    • set start_bal to end_bal before the next payment cycle
  10. Include <iomanip> and call cout << fixed << setprecision(2) to format your output
  11. Use the setw(x) call in your cout stream to format your output. x is an integer indicating the width of the displayed column. For example, setw(5) will set a column width of 5. See below on how to display the table data 
    cout << setw(5) << month << setw(10) << start_bal ...
(of course, you can't actually use ellipses in the code. That's just an indicator that you can continue with whatever data and formatting you need)
  12. Note that some combination of input values may create an infinite loop, meaning the balance never gets paid off. It can, in fact, increase if the monthly payment cannot cover the interest payment (try balance = 2000, monthly = 25, apr = 24 during your test runs)

Do Not Use

You may not use the break statement to terminate any loops

Sample Interaction / Output

What is the outstanding balance? 2000
What is the APR? 24
How much do you pay every month? -10
How much do you pay every month? -100
How much do you pay every month? 125

The table shows how long it will take to pay:

Month	  Start	Interest	Monthly	    End
    1	2000.00	   40.00	 125.00	1915.00
    2	1915.00	   38.30	 125.00	1828.30
    3	1828.30	   36.57	 125.00	1739.87
    4	1739.87	   34.80	 125.00	1649.66
    5	1649.66	   32.99	 125.00	1557.66
    6	1557.66	   31.15	 125.00	1463.81
    7	1463.81	   29.28	 125.00	1368.09 
    8	1368.09	   27.36	 125.00	1270.45
    9	1270.45	   25.41	 125.00	1170.86
   10	1170.86	   23.42	 125.00	1069.27
   11	1069.27	   21.39	 125.00	 965.66
   12	 965.66	   19.31	 125.00	 859.97
   13	 859.97	   17.20	 125.00	 752.17
   14	 752.17	   15.04	 125.00	 642.22
   15	 642.22	   12.84	 125.00	 530.06
   16	 530.06	   10.60	 125.00	 415.66
   17	 415.66	    8.31	 125.00	 298.97
   18	 298.97	    5.98	 125.00	 179.95
   19	 179.95	    3.60	 125.00	  58.55
   20	  58.55	    1.17	 125.00	 -65.28

LEGEND
PROGRAM OUTPUT
USER INPUT
FROM INPUT

CATALOG ID: CPP-CHAL0002

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