Lab_06 - GCIS 501 Fall Semester 2009 Lab 06 Summary When...

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GCIS 501 Fall Semester 2009 Lab 06 Summary When someone takes out a loan, repayment is typically on a monthly basis. Normally each monthly payment except the last is the same total amount. The last payment may be different by a penny or two due to rounding. The part of the monthly payment that is payment on the principle (the money borrowed) and the part of the payment that is interest on the money still owed change over the course of the loan. Early payments have the most interest included and later payments have the most principle included. Most people who borrow money like to know how much of each payment is principle and how much is interest. The purpose of the program you are writing is to create a table reflecting all the monthly payments for a loan, the part of each payment that is interest, and the part that is principle. This lab requires more “figuring it out yourself” than previous labs. Consider that in your planning. As always, remember, if you don’t know how to solve the problem yourself, you can’t tell the computer how to solve it. Designing a Solution
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Lab_06 - GCIS 501 Fall Semester 2009 Lab 06 Summary When...

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