[solved] – Question 70259

The simple interest on a loan is calculated by the formula:
interest = principal * rate * days / 365;
The preceding formula assumes that rate is the annual interest rate, and therefore includes the division by 365 (days). Develop a pseudo code program that will input principal, rate and days for several loans, and will calculate and display the simple interest for each loan, using the preceding formula and also draw flow chart of your program. Here is a sample input/output dialog:
 Enter loan principal (-1 to end): 1000.00
 Enter interest rate: .1
 Enter term of the loan in days: 365
 The interest charge is $100.00
 Enter loan principal (-1 to end): 1000.00
 Enter interest rate: .08375
 Enter term of the loan in days: 224
 The interest charge is $51.40
 Enter loan principal (-1 to end): -1

Expert Answer

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