Create an amortization schedule to calculate your monthly payments on a car and show the loan balance over time with visual logic? Must include assignment statements, IF statement, loop, array.
amount= 20000
interest rate= 2%
Pay by= 5 yrs
So far i've done monthly payment= 20000*.02
balance after the first payment 20000-(20000*.02)
To create an amortization schedule and calculate monthly payments on a car loan with the loan balance over time, you can follow the steps below using visual logic:
Step 1: Declare and initialize the variables:
- Set "amount" = 20000 (loan amount)
- Set "interestRate" = 0.02 (2% interest rate)
- Set "payByYears" = 5 (loan term in years)
Step 2: Calculate the monthly interest rate:
- Set "monthlyInterestRate" = "interestRate" / 12
Step 3: Calculate the number of monthly payments:
- Set "totalPayments" = "payByYears" * 12
Step 4: Calculate the monthly payment:
- Set "monthlyPayment" = "amount" * "monthlyInterestRate" / (1 - (1 + "monthlyInterestRate") ^ (-"totalPayments"))
Step 5: Create an array to store the balance over time:
- Create an array "balance" with size "totalPayments"
Step 6: Calculate the loan balance over time using a loop:
- Set "balance[0]" = "amount" - ("amount" * "monthlyInterestRate")
- Start a loop from "i" = 1 to "totalPayments" - 1:
- Set "balance[i]" = "balance[i-1]" - "monthlyPayment" + ("balance[i-1]" * "monthlyInterestRate")
Step 7: Display the monthly payment and loan balance over time:
- Print "monthlyPayment" as the monthly payment amount
- Start a loop from "i" = 0 to "totalPayments" - 1:
- Print "balance[i]" as the loan balance for each month
Note: Visual Logic does not support the same syntax as programming languages, so you would need to use visual blocks and modify the logic accordingly.