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).
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
All output must be redirected to a file. (See b http://www.bankrate.com/calculators/managingdebt/minimum-payment-calculator.aspx)
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 . . .
? 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
within your code.
? Must have a minimum of six meaningful comments in main.