Lab 5

CIS 22A
LAB #5

MONTHLY HOUSE COSTS
Write a C++ program to calculate the monthly cost of a house given the selling price,
annual rate of interest, and number of years for the loan. The monthly mortgage payment
may be computed using the following formula:

 payment =
a*i(1+i)^n / (1 + i)^n – 1 where a=amount of loan
i=rate of interest per compounding period
(annual rate/12)
n=number of compounding periods (yrs*12)

Assume that the down payment will be 20% of selling price, yearly tax rate is 1.25% of
selling price, utilities will be approximately $300.00 per month, and insurance will be
$550.00 per year.

DATA
Use preprocessor statements to set the tax rate, cost of insurance, and the cost of utilities.
Set the percentage of down payment as a non-global memory constant. Prompt the user
for the selling price, the rate of interest, and the number of years for the loan.

CALCULATIONS
Use at least four functions in addition to main: a function to input all data, a function
which handles all computations including invoking a subfunction to compute the down
payment, amount of loan, and mortgage payment, and, finally, one to output the results.

OUTPUT
All values input and used in the calculations as well as the monthly payment and total
monthly house cost need to be output as follows:
MONTHLY COST OF HOUSE
SELLING PRICE $XXXXXX.XX
DOWN PAYMENT XXXXXX.XX
AMOUNT OF LOAN XXXXXX.XX
INTEREST RATE XX.X%
TAX RATE XX.X%
DURATION OF LOAN (YEARS) XX
MONTHLY PAYMENT
MORTGAGE XXXX.XX
UTILITIES XXXX.XX
PROPERTY TAXES XXXX.XX
INSURANCE XXXX.XX
__________
$ XXXXX.XX
 Theme issue
Functions, sub-functions, pass by reference
 Checkpoints
1) Include name, e-mail, and lab# as comments in the code and also include code
to output this information to the output.
2) Minimum of three (3) comments (including Pre/Post) in each function.
3) User defined constants for property tax rate, cost of utilities, and cost of
insurance. Use non-global memory constant for percent of down payment.
4) Use exactly one function separate from main for input.
5) Call a calculation function from main which handles all calculations. This
function needs to contain a sub-function to calculate the down payment, amount
of the loan and monthly mortgage payment.
6) Use exactly one function separate from main for output.
7) Output must be formatted exactly as shown on lab write-up with decimal points
lined up. Output must go to a file and that file must be uploaded as .txt. No cout
object should be left in this function.
8) All functions (other than main() & your signature function) must use prototype
style.
 Test data (see bankrate.com or use Excel & pmt()to check your answers)
Set 1 – $600,000, 5%, 20
Set 2 – $400,000, 4.2%, 30