double is the default floating point type , C++ (vc++)

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//Microsoft (R) C/C++ Optimizing Compiler Version 19.00.23506 for x86

#include <iostream>
#include <iomanip>
#include <cmath>
using namespace std;

int main ()
{
	//double variables to hold data that the user will input
	double LoanAmount, AnnualInterestRate, NUMofPayments, MonthlyRate, TotalMonthlyPayment, Power,
		PaidBack, InterestPaid;

//Prompting user to enter input of data
	cout << "Please enter a loan amount ($): ";
	cin >> LoanAmount;

if (LoanAmount < 0)//if statements to determine whether non-negative value was entered
	{
		cout << "ERROR! Negative number was entered!" << endl;
		return 0;
	}

cout << "Please enter an annual interest rate (%): ";
	cin >> AnnualInterestRate;

if (AnnualInterestRate < 0)//if statements to determine whether non-negative value was entered
	{
		cout << "ERROR! Negative number was entered!" << endl;
		return 0;
	}

cout << "Enter term length of loan (Months): ";
	cin >> NUMofPayments;

if (NUMofPayments < 0)
	{
		cout << "ERROR! Negative number was entered!" << endl;
		return 0;
	}

//Calculations for the formula
	MonthlyRate = (((AnnualInterestRate/12.0)/100.0));

//std::pow is used for the power function for exponents when using double values
	Power = pow(1.0 + MonthlyRate, NUMofPayments);

//formula for the total monthly payment
	TotalMonthlyPayment = ((MonthlyRate * Power)/(Power - 1)) * LoanAmount;

//calculating the total with interest
	PaidBack = (TotalMonthlyPayment * NUMofPayments);
	//calculating the amount of interest that needs to be paid
	InterestPaid = PaidBack - LoanAmount;

cout << "\nLoan Amount: " << setw(15) << "$ " << fixed << setprecision(2) << LoanAmount << endl;
	cout << "Monthly Interest Rate: " << setw(12) << MonthlyRate * 100 << "%" << endl;
	cout << "Number of Payments: " << setw(16) << setprecision(0) <<NUMofPayments << endl;
	cout << "Monthly Payment: "  << setw(11) << "$ " << fixed << setprecision(2) << setw(8) << TotalMonthlyPayment << endl;
	cout << "Amount Paid Back: " << setw(10) << "$ " << setw(7) << PaidBack << endl;
	cout << "Interest Paid: " << setw(13) << "$ " << setw(8) << InterestPaid << endl;

return 0;
}

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Compilation time: 1,83 sec, absolute running time: 0,33 sec, absolute service time: 2,17 sec