Investment HW problem help

Disclaimer: This is HW, but we are allowed to consult the Matlab forum for answers as long as they are cited. Thanks!

A student borrows $10,000 to buy a used car. Interest on loan is compounded at a rate of 2% per month while the outstanding balance of the loan is more than $5,000, and at 1% per month otherwise. She pays back $300 every month, except for the last month, when the repayment must be less than $300. She pays at the end of the month, AFTER the interest on the balance has been compounded. The first repayment is made 1 month after loan is paid out. Write a program which displays a monthly statement of the balance(after payment has been made), the final payment, and the month of final payment( in table form).

Guidlines:

1. Make program more flexible by having program user input the initial balance and monthly payment amount in command window.

2. Compute the minimum monthly payment needed to payy of the debt by computing the interest in the first month and adding $1 to it.

3. If the payment inputted is below the minimum value computed in step 2, the minimum required payment should be output again and the user should enter a new payment amount.

Thanks!

[Joseph Cheng]

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