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Question- Write a program that computes the annual after-tax cost of a new house for the first year of ownership.

The cost is computed as the annual mortgage cost minus the tax savings. The input should be the price of the house and the down payment. The annual mortgage cost can be estimated as 3 percent of the initial loan balance credited toward paying off the loan principal plus 6 percent of the initial loan balance in interest. The initial loan balance is the price minus the down payment. Assume 35 percent marginal tax rate and assume that interest payments are tax deductible. So, the tax savings is 35 percent of the interest payment. Your program should use at least two different functions and should allow the user to repeat this calculation as often as the user wishes.

If mortgage price or down payment are negative, display an error message that asks the user if they wish to enter more data.

Please describe the code with the help of comments.

Computer Engineering, Engineering

  • Category:- Computer Engineering
  • Reference No.:- M91174535

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