Maximum Loan Calculator in C
Project Overview
This program, developed as part of my C programming coursework during my last semester at university, calculates the maximum loan amount a user can afford based on their monthly expenses and income. By taking various inputs, such as annual salary and monthly expenses, it determines the leftover income and calculates a realistic loan amount using financial formulas.
Features
- Input fields for essential financial details: salary, housing, car, grocery, and utility expenses.
- Calculates monthly leftover income after expenses.
- Determines the monthly loan payment (10% of leftover income).
- Implements a financial formula to compute the maximum loan amount over a 10-year term with 3% annual interest.
Technical Highlights
- Programming Language: C
- Libraries Used: stdio.h for input/output and math.h for power calculations.
- Core Formula: Used precise mathematical calculations to determine the maximum loan amount based on monthly payments and interest rates.
- User Interaction: A clean, user-friendly prompt guides users to input their details step-by-step.