Actually, I was wondering if soemone would review my code below. Is there a better way to output the information and make it look nicer? Did I follow the algorithm step by step? Thanks in advance for your input.

Problem:

The outstanding balance on Rhona's car is $5,000.00. Each month, she is required

to make a payment of $300.00, which includes both interest and principal repayment

of her car loan. The monthly interest is calculated as 0.09/12 of the outstanding

balance of the loan. After the interest is deducted, the remaining part of the

payment is used to pay off the loan. Write a C++ program that produces a table

indicating the beginning monthly balance, the interest payment, the prinicpal payment,

and the remaining loan balance after each payment is made.

Note: Follow this pre-assigned algorithm:

Output Header

Initialize Balance

Initialize payment

Loop

Calculate Interest Payment ( = 0.09/12 * Balance)

If Interest Payment + Balance < Payment

Calculate Principal ( = Balance)

Else

Calculate Principle ( = Payment - Interest Payment)

Calculate Ending Balance ( = Balance - Principle)

Output Data

Calculate New Balance ( = Ending Balance)

While Balance > 0

Code:

#include <iostream.h>

#include <iomanip.h>

int main()

{

float balance = 5000.0;

float rate = 0.09/12;

float payment = 159;

float interest, principal;

cout << " Beginning Interest Principal Ending Loan\n";

cout << " Balance Payment Payment Balance \n";

cout << " ---------------------------------------------------------\n";

cout << setiosflags(ios::fixed)

<< setiosflags(ios::showpoint)

<< setprecision(2);

while (balance < 0.05)

{cout << setw(11) << balance;

interest = rate * balance;

prinicpal = payment - interest;

balance = balance - principal;

cout << setw(10) << interest

<< setw(10) << principal

<< setw(10) << balance << endl;

}

return 0;

}