(EXC) Homework 9

NOTE: This is an extra credit assignment and therefore entirely OPTIONAL to do!

No matter where you wind up in life, no matter what field you end up working in, it's imperative you have a basic understanding of how our economy works beyond basic transactions and budget keeping. In Homework 5, you learned how to calculate your annual federal tax dues based on a progressive tax rate system. In this assignment, you will learn about interest rates and how they pertain to loans, be it for cars, education tuition, or homes. Even as engineers, someone needs to be able to calculate long term project costs with all of this in mind.

First, you will need to read this page. START HERE: Primer on Loan Interest and Principal Payments

Once you're done reading the linked page, here's the actual extra credit assignment. If you have any questions, feel free to ask me. This assignment has a maximum of 10 extra credit points. See the rubric below for the point breakdown.

You can check the accuracy of your calculator using this third-party tool Links to an external site. as a reference point. Make sure you select "Monthly Schedule" when working on Amortization.

Remember, if you did your amortization calculations correctly, the last month and ONLY the last month of payment will result in a zero principal balance. Your program may or may not print out a negative sign in front of $0 printout on the last column of the last row. You can ignore this single character difference in your final submission, as this is caused by a potential rounding error when working with floating point division.

Homework 9.pdf Download Homework 9.pdf

Like all other assignments, you are NOT allowed to use anything we haven't covered in class yet to complete these problems! Since this is an extra credit assignment, failure to adhere to these requirements will lock your maximum extra credit earned to just FIVE points! If it's not in the slides available to you by the time this assignment is due, it's not allowed!

As stated in the Looping 2 lecture, loop breaking and continuing are also NOT allowed! This includes using return 0 statements to forcibly exit your loops early!