Calculate monthly mortgage payments

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Reference no: EM13701582

Question: Write a program that will calculate monthly mortgage payments on a house purchase. The equation you'll want to use is

[ payment= ((rate * (1+rate)^n ) / ((1+rate)^n -1)) *L ].

There are a few changes I want to what they list above.

People are used to working with annual, not monthly interest rates
Consumers think of the term of the loan in years, not months. It would still be good to tell them how many monthly payments they will be making.
A house payment also includes property taxes, which are are assessed on an annual, not monthly basis
The payment will also include home insurance, which is also calculated as an annual amount.

For consistency between everyone's programs, let's have our programs expect the subsequent user inputs from Standard Input (the keyboard).

You need to make well-formed and clean code. You should not copy and paste the code from other source.

Reference no: EM13701582

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