Write a program which displays monthly statement of balance

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Reference no: EM131412651

A student borrows $10,000 to buy a used car. Interest on her loan is compounded at the rate of 2% per month while the outstanding balance of the loan is more than $5000, and at 1% per month otherwise. She pays back $300 every month, except for the last month, when the repay ment must be less than $300. She pays at the end of the month, after the interest on the balance has been compounded. The first repayment is made 1month after the loan is paid out. Write a program which displays a monthly statement of the balance (after the monthly payment has been made), the final payment, and the month of the final payment.

Reference no: EM131412651

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