140
B =
(1
-
(1
+
I)~(M-N»
/ I
150
B =
MP
* B
180
PRINT
"PRINCIPAL
REMAINING
IS
$";
B
Here is an example
of
the execution of this program:
INTEREST
RATE
(0
-100)7
12.S
AMOUNT
OF
LOAN
?
71200
NUMBER
OF
YEARS7
30
MONTHLY
PAYMENT
IS
$
759.88752679191
TOTAL
AMOUNT
PAID
IS
$
273559.50964509
CURRENT
YEAR
OF
LOAN?
10
PRINCIPAL
REMAINING
18
S
66883.232623196
This example would be typical
of
an
$ 89,000 home purchased with a conventional
80% mortgage
at
12.5% over 30 years. The amount of the loan would be $ 71,200.
The discouraging result
of
running this example
is
that the total you will have
to
pay
over the
30 years
is
$ 273,559.51.
By
entering a current year of 10, you can see that
the principal remaining unpaid after
10
years is still $ 66,883.23. This means that in
10
years you have paid
$71,200
-
$66,883.23
=
$4,316.77
toward the original amount borrowed.
What you have learned:
In this lesson, the use of string and numeric variables has been illustrated. Arithmetic
expressions have been used
in
the calculation of interest and mortgage rates. The
INPUT statement was found
to
be a very convenient method of entering data into the
Computer.
43
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