Reference no: EM132194675

Question :

Write a C++ program to calculate the monthly cost of a house given the selling price, annual rate of interest, and number of years for the loan. The monthly mortgage payment may be computed using the following formula:

payment = a*i(1+i)n (1 + i)n - 1 where a=amount of loan i=rate of interest per compounding period (annual rate/12) n=number of compounding periods (yrs*12)

Assume that the down payment will be 20% of selling price, yearly tax rate is 1.25% of selling price, utilities will be approximately $300.00 per month, and insurance will be $550.00 per year.

DATA Use preprocessor statements to set the tax rate, cost of insurance, and the cost of utilities. Set the percentage of down payment as a non-global memory constant. Prompt the user for the selling price, the rate of interest, and the number of years for the loan.

CALCULATIONS Use at least four functions in addition to main: a function to input all data, a function which handles all computations including invoking a subfunction to compute the down payment, amount of loan, and mortgage payment, and, finally, one to output the results.

OUTPUT All values input and used in the calculations as well as the monthly payment and total monthly house cost need to be output as follows:

MONTHLY COST OF HOUSE

SELLING PRICE $XXXXXX.XX

DOWN PAYMENT XXXXXX.XX

AMOUNT OF LOAN XXXXXX.XX

INTEREST RATE XX.X%

TAX RATE XX.X%

DURATION OF LOAN (YEARS) XX

MONTHLY PAYMENT MORTGAGE XXXX.XX

UTILITIES XXXX.XX

PROPERTY TAXES XXXX.XX

INSURANCE XXXX.XX

__________ $ XXXXX.XX

Theme issue Functions, sub-functions, pass by reference

3) User defined constants for property tax rate, cost of utilities, and cost of insurance. Use non-global memory constant for percent of down payment.

4) Use exactly one function separate from main for input.

5) Call a calculation function from main which handles all calculations. This function needs to contain a sub-function to calculate the down payment, amount of the loan and monthly mortgage payment.

6) Use exactly one function separate from main for output.

7) Output must be formatted exactly as shown on l write-up with decimal points lined up. Output must go to a file and that file must be uploaded as .txt. No cout object should be left in this function.

8) All functions (other than main() & your signature function) must use prototype style.

Test data (see bankrate.com or use Excel & pmt()to check your answers) Set 1 - $600,000, 5%, 20
Set 2 - $400,000, 4.2%, 30