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hw_1_car_payment

# hw_1_car_payment - NY and 3 interest rate entered in annual...

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The format has to follow the sample HW - hard copy to be submitted http://www.eng.usf.edu/~kaw/class/programming/homework/sample_homework.htm The monthly payment on a car loan is given by the formula NM IPM IPM LA PMT + = ) 1 ( 1 * where PMT = monthly payment in dollars, LA = loan amount in dollars, IPM = interest rate in fraction per month (Note the units), NM = number of monthly payments (Note the units). Write a MATLAB worksheet that calculates the monthly payment for buying a car, based on the loan amount (dollars), length of loan (years) and interest rate (annual percentage rate). Three inputs are assigned in the beginning of the worksheet through a variable assignment 1) loan amount entered in dollars, LA 2) length of loan entered in integer years,
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Unformatted text preview: NY , and 3) interest rate entered in annual percentage rate (APR), APR . The output is, 1) the monthly payment on the car. Display and print with explanation at least the following in the command window. • A short description of the problem, • Loan amount in dollars, • Length of loan in integer years, • Interest rate in annual percentage rate, • Monthly payment in dollars. Example to check against : For a loan of \$14,800 at 6.75% annual percentage rate (APR) for a 4 year term, LA = \$14,800 IPM = APR/(12*100)=6.75/(12*100) = 0.005625 NM = NY x 12 = 4 x 12 = 48 months Hence, 48 ) 005625 . 1 ( 1 005625 . * 14800 − + − = PMT = \$352.69...
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