I have to create pseudocode for a Loan Calculator program...?

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RE :I have to create pseudocode for a Loan Calculator program...?

The application will accept an Annual Percentage Rate, a Period of Time (in years), and a Principal Loan Amount. The program will then calculate and output the loan payments based on Interest Amount, Principal Amount, and Total Payment in addition to the Total Amount paid on the loan.

Calculations should be based on the following:

Interest = APR / 12 (i.e. Interest = 8%/12 = .00667)

Balance = Current Value

Number of Payments = Period of Time * 12 (12 payments per year)

Discount = (((1 + Interest)^Number of Payments) – 1) / (Interest * (1 + Interest)^Number of Payments)

Payment = Principal Loan Amount / Discount

Interest Payment = Interest * Balance

Principal Payment = Payment – Interest Payment

The output should display the information below on a console:

Annual Percentage Rate: 8%

Principal Loan Amount: $10,000.00

Period of Time (Years): 2

Interest: 0.0066667

Number of Payments: 24

Discount: 22.110544

Payment: $452.27

Cost of Loan: $10,854.55

Payment # Interest Principal Balance

1 $66.67 $385.61 $9,614.39

2 $64.10 $388.18 $9,226.22

3 $61.51 $390.76 $8,835.45

4 $58.90 $393.37 $8,442.08

5 $56.28 $395.99 $8,046.09

6 $53.64 $398.63 $7,647.46

7 $50.98 $401.29 $7,246.17

8 $48.31 $403.97 $6,842.20

9 $45.61 $406.66 $6,435.54

10 $42.90 $409.37 $6,026.17

11 $40.17 $412.10 $5,614.08

12 $37.43 $414.85 $5,199.23

13 $34.66 $417.61 $4,781.62

14 $31.88 $420.40 $4,361.22

15 $29.07 $423.20 $3,938.03

16 $26.25 $426.02 $3,512.01

17 $23.41 $428.86 $3,083.15

18 $20.55 $431.72 $2,651.43

19 $17.68 $434.60 $2,216.83

20 $14.78 $437.49 $1,779.34

21 $11.86 $440.41 $1,338.93

22 $8.93 $443.35 $895.58

23 $5.97 $446.30 $449.28

24 $3.00 $449.28 ($0.00)

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I have all the calculations Declarations and a general idea that I'm supposed to output the APR-Cost of Loan before I should run the detailLoop() that calculates the balance and such after each payment. Am I correct in my thinking?

Update: Perhaps I wasn't clear...This is Programming pseudocode that I have to do for class. If it's asking me to put it, I have to put it. I have this so far:

Start

Declarations

string Interest = APR/12

string balance = currentValue

string numPayments = Time * 12

string Discount = (((1 Interest)^Number of Payments) – 1) / (Interest * (1 Interest)^Number of Payments)

string payment = loanAmount/Discount

string interestPayment = Interest * Balance

string principalPayment = Payment – interest payment

num APR = 8%

num LOAN_AMT= $10,000.00

num YEARS = 2

num INTEREST_AMT = 0.0066667

num NUMBER_PAYMENTS= 24

num DISCOUNT = 22.110544

num PAYMENT_AMT = $452.27

num LOAN_COST = $10,854.55

housekeeping()

while not eof

detailLoop()

endwhile

finish()

stop

Housekeeping()

output APR, INTEREST_AMT, NUMBER_PAYMENTS, DISCOUNT, PAYMENT_AMT, LOAN_COST

input LOAN_AMT, YEARS

return

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