Javascript Design and implement a program that will allow us

Javascript

Design and implement a program that will allow us to determine the length of time needed to pay off a credit card balance, as well as the total interest paid.

The program must implement the following functions:

displayWelcome

This function should display the welcome message to the user explaining what the program does.

calculateMinimumPayment

This function calculates the minimum payment. It should take balance and minimum payment rate as arguments and return the minimum payment.

So the value you display for minimum payment is the value you get from this method. Do not use a literal hardcoded value when you display the minimum payment!

displayPayments

This function displays the actual payment schedule. It should take the balance, monthly interest rate and minimum payment as arguments.

Use the 1500, 18% and 2% literal values below.

See the sample execution below:

This program will determine the time to pay off a credit card and the interest paid based on the current balance,

the interest rate, and the monthly payments made.

Balance on your credit card: 1500

Interest Rate: 18

Assuming a minimum payment of 2% of the balance ($20 min)

Your minimum payment would be $ 30.00

PAYOFF SCHEDULE

_________________

Year Balance Payment Num Interest Paid

1 1,492.50 1 22.50

1,484.89 2   44.89

1,477.16 3 67.16

1,469.32 4 89.32

. . .

. . .

7 517.51 73 1,207.51

495.28 74 1,215.28

472.70 75 1,222.70

449.79 76 1,229.79

. . .

. . .

8 227.51 85 1,277.51

200.92 86 1,280.92

173.94 87 1,283.94

146.55 88 1,286.55

118.74 89 1,288.74

90.53 90 1,290.53

61.88 91 1,291.88

32.81 92 1,292.81

3.30 93 1,293.30

0.00 94 1,293.35

Solution

Ans:

function displayWelcome(){
console.log(\"Welcome! \ This program will determine the time to pay off a credit card and the interest paid based on the current balance, the interest rate, and the monthly payments made.\")
}

function calculateMinimumPayment(balance, minimumPayPercentage){
return Math.max(20,balance*minimumPayPercentage);
}

function displayPayments(balance,interest,minimumPay){

console.log(\"Your current balance is: $\" + balance.toFixed(2))
console.log(\"Your interest rate is: \" + (interest * 100) + \"%\")
console.log(\"Your minimum payment is: $\" + minimumPay)
console.log(\"\ Year Balance Payment # Interest Paid\")

var year = 1;
var interestPaid = 0;

while(balance>0){

interestPaid += balance*interest/12;

// principal paid should be calculated
balance = Math.max(0,balance - ( minimumPay - balance*interest/12));

console.log(year+\" \"+balance.toFixed(2)+\" \"+interestPaid.toFixed(2));
year++;
}
}

var currentBalance = 1500;
var minimumPayPercentage = 0.02;
var interest = 0.18;

displayWelcome()
var minimumPay = calculateMinimumPayment(currentBalance,minimumPayPercentage);

displayPayments(currentBalance,interest,minimumPay);