basic over view>> banks offer car loans for periods ranging from two to five years (24 to 60 months). Write a program to allow the customer to enter the price of a car, the down payment amount and the annual interest rate of the loan. The program should display the loan’s duration in months and the monthly payments for two-, three-, four-, and five- year loans. The output should be displayed in fixed-point notation, rounded to two decimal places of precision. payment =(rate*(pow(1 + rate),n) / ((pow(1 +rate),n)- 1)) * L. Rate is the monthly interest rate, N is the number of payments and L is the amount of the loan.
PROBLEM>>i'm getting: uninitialized local variable 'loanDuration' used. in what way can i fix this?
#include <iostream>
#include <iomanip>
#include <cmath> // For pow function
using namespace std;
int main()
{
double carPrice, downPayment, annual_rate, loan_amount;
double monthly_payment1, monthly_payment2, monthly_payment3, monthly_payment4;
double monthly_payment1A, monthly_payment2B, monthly_payment3C, monthly_payment4D;
double monthly_rate, loanDuration, k;
//rate = MONTHLY interest rate
//N = number of payments
//L = amount of the loan
//ask user to enter the price of the car
cout << "enter the price of the car: ";
cin >> carPrice;
//ask user to enter the downpayment amount
cout << "enter the down payment amount: ";
cin >> downPayment;
//ask user to enter the annual interest rate of the loan
cout << "enter the annual(per year) interest rate of the loan: ";
cin >> annual_rate;
//loanDuration = numPayments (N)
loan_amount = carPrice - downPayment;
monthly_rate = annual_rate / loanDuration;
cout << "----------------------------------------------\n";
cout << setw(5) << "Monthly Payments\n";
//payment =(rate*(pow(1 + rate),n) / ((pow(1 +rate),n)- 1)) * L
k = 1 + monthly_rate;
monthly_payment1 = ((monthly_rate * pow(k, 24)) / (pow(k, 24) - 1)) * loan_amount;
cout << setw(10) << "2 yrs: " << monthly_payment1 << endl;
monthly_payment2 = ((monthly_rate * pow(k, 36)) / (pow(k, 36) - 1)) * loan_amount;
cout << setw(10) << "3 yrs: " << monthly_payment2 << endl;
monthly_payment3 = ((monthly_rate * pow(k, 48)) / (pow(k, 48) - 1)) * loan_amount;
cout << setw(10) << "4 yrs: " << monthly_payment3 << endl;
monthly_payment4 = ((monthly_rate * pow(k, 60)) / (pow(k, 60) - 1)) * loan_amount;
cout << setw(10) << "5 yrs: " << monthly_payment4 << endl;
cout << "----------------------------------------------\n";
//loan's duration in months: 2-5 yrs(24 to 60 months)
cout << "enter loan duration in months\n";
cin >> loanDuration;
cout << "loan's duration is: " << loanDuration << "months\n";
//2-3 years
if (loanDuration >= 24 && loanDuration <= 35)
{
monthly_payment1A = ((monthly_rate * pow(k, loanDuration)) / (pow(k, loanDuration) - 1)) * loan_amount;
cout << "monthly payments for 2 years are: " << monthly_payment1A << endl;
}
//3-4 years
else if (loanDuration >=36 && loanDuration <= 47)
{
monthly_payment2B = ((monthly_rate * pow(k, loanDuration)) / (pow(k, loanDuration) - 1)) * loan_amount;
cout << "monthly payments for 3 years are: " << monthly_payment2B << endl;
}
//4-5 years
else if (loanDuration >= 48 && loanDuration < 60)
{
monthly_payment3C = ((monthly_rate * pow(k, loanDuration)) / (pow(k, loanDuration) - 1)) * loan_amount;
cout << "monthly payments for 4 years are: " << monthly_payment3C << endl;
}
//5 years
else if (loanDuration == 60)
{
monthly_payment4D = ((monthly_rate * pow(k, loanDuration)) / (pow(k, loanDuration) - 1)) * loan_amount;
cout << "monthly payments for 5 years are: " << monthly_payment4D << endl;
}
else
cout << "The bank offers car loans for periods ranging only from 2-5 years (24 to 60 months)\n";
return 0;
}
