Description
You will write a program to figure out if it is better to pay off your loans or pay off the minimal and invest the rest of the money. Interest is applied monthly. So for every month, you first apply the interest, then pay the loan and finally invest the rest. You should validate user inputs. – Money owed in loans, annual inter, minimum monthly loan payment, current age, and predicted annual rate values cannot be below 0. – The amount of money you will be putting towards loans/retirement each month cannot be less than the minimum monthly loan. – Retirement age cannot be less than current age.
The program should also print out a warning if you still owe money after retiring and the amount.
Output should look like below——–
Enter how much money you owe in loans: 10000
Enter the annual interest rate of the loans: .1
Enter your minimum monthly loan payment: 20
Enter how much money you will be putting towards loans/retirement each month: 200
Enter your current age: 30
Enter the age you plan to retire at: 65
Enter your predicted annual rate of return: .2
Warning after you retire you will still have $250453.74 in loans left.
You should only make minimum payments on your loans and invest the rest
If you do you will have $11168878.10 as opposed to $4233691.68 when you retire.
Output should like below:
Enter how much money you owe in loans: -2
Enter how much money you owe in loans: -3
Enter how much money you owe in loans: 1000
Enter the annual interest rate of the loans: -23
Enter the annual interest rate of the loans: -2
Enter the annual interest rate of the loans: 0.3
Enter your minimum monthly loan payment: 40
Enter how much money you will be putting towards loans/retirement each month: 100
Enter your current age: 50
Enter the age you plan to retire at: 65
Enter your predicted annual rate of return: .1
You should pay of all of your loans before you start investing
If you do you will have $36520.69 as opposed to $35443.26 when you retire.
