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Problem 4

# Problem 4 - ECOR1606 Problem Solving and Computers Page 1...

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ECOR1606 Problem Solving and Computers Page 1 of 2 Department of Systems and Computer Engineering, Carleton University Summer 2003 Assignment 2 – Mortgage calculator A person is trying to acquire a mortgage to buy a house. This person is unsure how much they can afford in monthly payments so wants write a program that can quickly determine the monthly mortgage payments. The program should accept user inputs for: price of the house : this is the total price of the house down payment amount : this is how much of the price of the house that can be paid immediately. The remaining portion is the amount that is being mortgaged. amortization period (specified in months): this is the number of months that the monthly mortgage payments will be paid. At the end of the amortization period, the entire mortgage will have been paid off. annual interest rate (specified as a percentage): this is the interest rate that is applied to the remaining portion that is owed. Assume the interest is compounded monthly (i.e. it

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Problem 4 - ECOR1606 Problem Solving and Computers Page 1...

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