# CIS 22A

CIS 22A – Lab 6

Credit Card Debt

The True Cost of Paying Minimum Payment

Write a C++ program to output the payment schedule for amount owed when each month nothing more is charged to the account but only the minimum payment is paid. The output stops when the balance is fully paid (i.e. no longer 0).

Input:

Data must be done in a separate function. Input the following: credit card balance, interest rate

on your credit card, and percent of minimum payment. Test data: 624 24, 4

Data must be read from a file called lab6.txt .

Calculate: This function must be called from main() from within the loop.

For each month, calculate the amount of interest to be paid that month (adding this into balance before calculating minimum payment), total of interest paid, amount of minimum

payment due for the month, and updating new balance.

If the minimum payment is less than \$15.00 then set it at \$15.00

Output: This function must be called from main() from within the loop.

There needs to be a separate function to output the table heading. Also output the information

input from the file.

There needs to be a separate function to output month, balance at the end of the month, interest

paid that month, minimum payment for that month, and the sum of amount of interest paid so

far.

All output must be redirected to a file. (See b http://www.bankrate.com/calculators/managingdebt/minimum-payment-calculator.aspx)

Sample

output:

Balance Owing: \$  624.00

APR as %  24

Percent for minimum payment as %  4

Month     Balance  Interest       Minimum      Sum of

this month                 interest paid

1      611.02       12.48       25.46       12.48

2      598.31       12.22       24.93       24.70

3      585.87       11.97       24.41       36.67

4      573.68       11.72       23.90       48.38

. . .

57       31.80        0.92       15.00      388.14

58       17.44        0.64       15.00      388.78

59        2.79        0.35       15.00      389.13

60        0.00        0.06        2.84      389.18

Press any key to continue . . .

Check points:

• Absolutely no arrays

• Each function needs as comments Purpose, Pre & Post.

• Pass by reference only when you must.

• Your name must be as comment at the top of the source code and output to the file