The monthly payment, P, of aN years mortgage of an amount L that with ayearly interest
Chapter 4, Problem 9(choose chapter or problem)
The monthly payment, P, of aN years mortgage of an amount L that with ayearly interest rate of r is given by:r ( r )12N 100 . 121 +p 100 . 12 = L 12N (1 +100712 ) -1where r is in % (e.g., 7.5% entered as 7.5). Write a MATLAB program in ascript file that calculates P. When the program is executed it asks the user toenter the mortgage amount, the number of years, and the interest rate. Theoutput is displayed in the following format: " The monthly payment of a XXyears :XXX:XXX.XX mortgage with interest rate of :XX.XX percent is$X:XXX.:XX", where XXX stands for the corresponding quantities. Use theprogram for determining the monthly payment of a $250,000 mortgage for 30years and 4.5% yearly interest rate.
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