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An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for deferring the use of funds and instead lending it to the borrower. Interest rates are normally expressed as a percentage of the principal for a period of one year
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∙ 12y ago
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If you have a variable like float monthlypayment error message says found double requires float in monthlyPayment mortgageFunds interestRate?
Just use a double instead of a float. Double allows for a larger number and you won't produce that error.
What is the formula to calculate a credit card balance of 513.24 with a 17 daily interestrate making 10.00 payments each month?
The 17% interest is actually an annual rate, so each month you are charged 17%/12=1.42%. There is no simple formula to calculate your monthly balance as far as I know, the best way is to just calculate each month. Month 1: Carry-over Balance: 513.24$ Interest: 1.42% x 513.24 = 7.27$ Payment: 10.00$ Final Balance: 513.24$ + 7.27$ - 10.00$ = 510.51$ Month 2: Carry-over balance: 510.51$ Interest: 1.42% x 510.51 = 7.23$ Payment: 10.00$ Total: 510.15$ + 7.23$ - 10.00$ = 507.74$ Month 3: Carry-over balance: 507.74$ Interest: 1.42% x 507.74 = 7.19$ Payment: 10.00$ Total: 507.74$ + 7.19$ - 10.00$ = 504.94$ ... (I calculated how far it would go using Excel) Month 93: Carry-over balance: 3.12$ Interest: 1.42% x 3.12 = 0.04$ Payment: 3.16$ Total: 3.12$ + 0.04$ - 3.16$ = 0.00$ So, with 17% annual interest rate and a 10.00$ payment every month, it'll take 7 years and 9 months to pay off your bill. You will have spent a total of 923.16$, or 409.92$ in interest on a 513.24$ balance. Credit card balances really suck due to their huge interest.
Create an inheritance hierarchy containing base class Account and derived classes SavingsAccount and CheckingAccount that inherit from class Account?
// ASSIGNMENT 3.cpp : Defines the entry point for the console application. // #include "stdafx.h" #include "conio.h" #include <iostream> using std::fixed; using namespace std; class Account { public: Account( double ); // constructor initializes balance void credit( double ); // add an amount to the account balance bool debit( double ); // subtract an amount from the account balance void setBalance( double ); // sets the account balance double getBalance(); // return the account balance private: double balance; // data member that stores the balance // Account constructor initializes data member balance Account::Account( double initialBalance ) { // if initialBalance is greater than or equal to 0.0, set this value // as the balance of the Account if ( initialBalance >= 0.0 ) balance = initialBalance; else // otherwise, output message and set balance to 0.0 { cout << "Error: Initial balance cannot be negative." << endl; balance = 0.0; } // end if...else } // end Account constructor // credit (add) an amount to the account balance void Account::credit( double amount ) { balance = balance + amount; // add amount to balance } // end function credit // debit (subtract) an amount from the account balance // return bool indicating whether money was debited bool Account::debit( double amount ) { if ( amount > balance ) // debit amount exceeds balance { cout << "Debit amount exceeded account balance." << endl; return false; } // end if else // debit amount does not exceed balance { balance = balance - amount; return true; } // end else } // end function debit // set the account balance void Account::setBalance( double newBalance ) { balance = newBalance; } // end function setBalance // return the account balance double Account::getBalance() { return balance; } // end function getBalance }; // end class Account class SavingsAccount : public Account { public: // constructor initializes balance and interest rate SavingsAccount( double, double ); double calculateInterest(); // determine interest owed private: double interestRate; SavingsAccount::SavingsAccount( double initialBalance, double rate ) : Account( initialBalance ) // initialize base class { interestRate = ( rate < 0.0 ) ? 0.0 : rate; // set interestRate } // end SavingsAccount constructor // return the amount of interest earned double SavingsAccount::calculateInterest() { return getBalance() * interestRate; } // end function calculateInterest // interest rate (percentage) earned by account }; // end class SavingsAccount class CheckingAccount : public Account { public: // constructor initializes balance and transaction fee CheckingAccount( double, double ); void credit( double ); // redefined credit function bool debit( double ); // redefined debit function private: double transactionFee; // fee charged per transaction // utility function to charge fee void chargeFee(); CheckingAccount::CheckingAccount( double initialBalance, double fee ) : Account( initialBalance ) // initialize base class { transactionFee = ( fee < 0.0 ) ? 0.0 : fee; // set transaction fee } // end CheckingAccount constructor // credit (add) an amount to the account balance and charge fee void CheckingAccount::credit( double amount ) { Account::credit( amount ); // always succeeds chargeFee(); } // end function credit // debit (subtract) an amount from the account balance and charge fee bool CheckingAccount::debit( double amount ) { bool success = Account::debit( amount ); // attempt to debit if ( success ) // if money was debited, charge fee and return true { chargeFee(); return true; } // end if else // otherwise, do not charge fee and return false return false; } // end function debit // subtract transaction fee void CheckingAccount::chargeFee() { Account::setBalance( getBalance() - transactionFee ); cout << "$" << transactionFee << " transaction fee charged." << endl; } // end function chargeFee }; // end class CheckingAccount int _tmain(int argc, _TCHAR* argv[]) { Account account1( 50.0 ); // create Account object SavingsAccount account2( 25.0, .03 ); // create SavingsAccount object CheckingAccount account3( 80.0, 1.0 ); // create CheckingAccount object cout << fixed << setprecision ( 2 ); // display initial balance of each object cout << "account1 balance: $" << account1.getBalance() << endl; cout << "account2 balance: $" << account2.getBalance() << endl; cout << "account3 balance: $" << account3.getBalance() << endl; cout << "\nAttempting to debit $25.00 from account1." << endl; account1.debit( 25.0 ); // try to debit $25.00 from account1 cout << "\nAttempting to debit $30.00 from account2." << endl; account2.debit( 30.0 ); // try to debit $30.00 from account2 cout << "\nAttempting to debit $40.00 from account3." << endl; account3.debit( 40.0 ); // try to debit $40.00 from account3 // display balances cout << "\naccount1 balance: $" << account1.getBalance() << endl; cout << "account2 balance: $" << account2.getBalance() << endl; cout << "account3 balance: $" << account3.getBalance() << endl; cout << "\nCrediting $40.00 to account1." << endl; account1.credit( 40.0 ); // credit $40.00 to account1 cout << "\nCrediting $65.00 to account2." << endl; account2.credit( 65.0 ); // credit $65.00 to account2 cout << "\nCrediting $20.00 to account3." << endl; account3.credit( 20.0 ); // credit $20.00 to account3 // display balances cout << "\naccount1 balance: $" << account1.getBalance() << endl; cout << "account2 balance: $" << account2.getBalance() << endl; cout << "account3 balance: $" << account3.getBalance() << endl; // add interest to SavingsAccount object account2 double interestEarned = account2.calculateInterest(); cout << "\nAdding $" << interestEarned << " interest to account2."<<endl; account2.credit( interestEarned ); cout << "\nNew account2 balance: $" << account2.getBalance() << endl; return 0; } // end main
Write a programme to find simple interest?
int main() { int p,n,count; float r,si; count=1; while(count<=3) { printf("\n enter values of p,n,andr"); scanf("%d %d %f",&p, &n, &r); si=(float)p * (float)n * r / 100; printf("simple interest =rs. %f",si); count=count+1; } return(0); } Nishant:this will give S.I... ----------------------------------------------------------------------------------------------------- //mycfiles.wordpress.com //Program for Calculate Simple Interest #include<stdio.h> #include<conio.h> void main() { float p,r,n,si; clrscr(); printf("\nEnter the profit, rate & no of yr\n\n "); scanf("f%f",&p,&r,&n); si=(p*r*n)/100; printf("\nSimple Intrest=%f",si); getch(); }
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