**9-1
Lab
Exercise - Loan**

__Background:__

When buying a home, a very important financial consideration is getting a loan from a financial institution. Interest rates can be fixed or variable and there are service charges called points for taking out a loan. One point is equal to 1% of the loan amount borrowed. Taking out a loan of $150,000 with a 2 point charge will cost you $3,000 before you ever make your first house payment! Some banks offer lower interest rates but higher points, and vice versa. It is helpful to know what the monthly house payment will be for a given loan amount over different interest rates.

The monthly payment on a loan is determined using three inputs:

1. The
amount of the loan (principal).

2. The
number of years the loan is assumed.

3. The
annual interest rate of the loan.

The formula for determining payments is:

a = | (p * k * c) |

p = principal, amount borrowed

k = monthly interest rate (annual rate/12.0)

n = number of monthly payments (years * 12)

c = (1 + k)^{n}

a = monthly payment (interest and principal paid)

__Assignment:__

1. Write
a program that prompts the user for the following information:

a.
The amount of the loan

b.
The length of the loan in years

c.
A low interest rate in %

d.
A high interest rate in %

2. Print out the monthly payment for the different interest rates from low to high, incremented by 0.25%.

3. A sample run output is given below:

a = | (p * k * c) |

Time = 30 years

Principal = 100000

Low Rate = 11.00 %

High Rate = 12.00 %

Annual Interest Rate Monthly Payment

11.00
952.32

11.25
971.26

11.50
990.29

11.75
1009.41

12.00
1028.61

4. Your
program should make use of the built-in power function located in math.h.

5. Your
program must make use of separate functions for the data input section and the
printing section of the assignment. Any
data used or modified in either function must be properly passed through the
parameter list.

6. Your
program __must__ __use__ __a__ __while____loop__ to
solve the problem.

__Instructions:__

1. Write
the program. Confirm that it
works to the screen using the above sample output.

2. Solve
2 run outputs to the printer. Use
the following sets of inputs.

Run 1:
Principal
187450.00

Low
8.00

High
12.00

Years
30

Run 2:
Principal
12000.00

Low
10.00

High
12.00

Years
5