Question
2. Python 3 Paying off credit card within 12 months. Part 1(15pts) Minimum monthly payment = Minimum monthly payment rate x Balance (Minimum monthly payment
2.
Python 3
Paying off credit card within 12 months.
Part 1(15pts)
Minimum monthly payment = Minimum monthly payment rate x Balance
(Minimum monthly payment gets split into interest paid and principal paid)
Interest Paid = (Annual interest rate / 12 months) x Balance
Principal paid = Minimum monthly payment Interest paid
Remaining balance = Balance Principal Paid
Now write a program that calculates the minimum fixed monthly payment needed to pay off a credit card balance within 12 months. We will not be dealing with a minimum payment rate.
Take as raw_input() the following floating point numbers:
1.The outstanding on the credit card
2.Annual interest rates as a decimal
Print out the fixed minimum monthly payment, the number of months (at most 12 but possibly less than 12) it takes to pay off the debt, the balance (likely to be a negative number).
Assume that the interest is compounded monthly according to the balance at the start of the month (before the payment for that month is made). The monthly payment must be a multiple of $10 and is the same for all months. Notice that it is possible for the balance to become negative using this payment scheme. In short:
Monthly interest rate = Annual interest rate / 12.0
Updated balance each month = Previous balance * (1 + Monthly interest rate) Minimum monthly payment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started