Car Loan Calculator in C

Ever wonder what a car payment may be when given the APR, duration, and principal. Here is a simple program that does just that check it out!

 //Full Working Program



#include <iostream;> 

#include <stdlib.h;>  //this is required to use system pause

#include <math.h;>  //this is required in order to perform more advanced math

using namespace std;



int main()

{



    double i,l,r,m,p,cnt=1,tot_interest=0;



        cout<<"Enter the principal"<<endl;

        cin>>p;  //takes in the amount of the loan



        cout<<"Enter the interest rate"<<endl;

        cin>>r;  //takes in the interest rate



        cout<<"Enter the length of the loan in months"<<endl;

        cin>>m;  //takes in the duration of the loan in months



    r=r/100; //converts the rate into decimal form

    l=(p*(r/12.0))/(1-(pow((1+r/12.0),-m)));  //equation to calculate an amount of a loan

        

        cout << "Your car payment will be "<<l;<<" dollars"<<endl;



    system("pause");  //this will pause the program allowing the user to be able to see the car payment amount



      while(cnt<=m)  //the loop will continue as long as cnt is less than or equal to the loan duration

    {

            i=30.4167*(p*(r/365)); //this will calculate the interest paid in a given month

            tot_interest=tot_interest+i; //total interest equals what it was plus that interest for the month

            cout<<"Interest charged in month "<<cnt;<<":  "<<i;<<endl;

            cout<<""<<endl;

            cnt++; //cnt is incremented by one each time the loop runs

            p=p-(l-i); //the principal equals what is was minus the loan after the loan is substracted from the interest



            cout<<"Remaining balance: "<<p;<<endl;

            cout<<""<<endl;

    }

        cout<<"Total interest paid "<<tot;_interest<<" dollars"<<endl;
        

        

system("pause");

return 0;

}