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Lab3A: Credit Cards. Financial advisors will almost always tell you that you should pay for things in cash and avoid credit card debt. Further, they
Lab3A: Credit Cards. Financial advisors will almost always tell you that you should pay for things in cash and avoid credit card debt. Further, they tell you that you should have a small emergency fund that you keep stocked for emergencies like flat tires, dead refrigerators and so on. However, life doesn't always work that way and sometimes we need to charge things. So, for this part of the lab, we're going to write a calculator that calculates your minimum monthly payment on your card. To do that, you'll ask the user for 1) the amount of money they have on their credit card and 2) the "APR' - or Annual Percentage Rate - of the card. We'll keep the calculations simple (so these aren't perfect), but to calculate the minimum payment, you multiply the amount you owe times APR/12 - since there are 12 months in a year. Note: paying just the minimum should be a last resort, since it usually does not make progress towards paying off the card. Note: the $ below is part of the prompt, not what the user enters. Your program should behave User input is in bold. Sample run 1: Sample run 2 : Amount owed: $2000 Amount owed: $8500 APR: 19.75 APR: 29 Monthly percentage rate: 1.64583 Monthly percentage rate: 2.41667 Minimum payment: $32.9167 Minimum payment: $205.417 Lab3A: Credit Cards. Financial advisors will almost always tell you that you should pay for things in cash and avoid credit card debt. Further, they tell you that you should have a small emergency fund that you keep stocked for emergencies like flat tires, dead refrigerators and so on. However, life doesn't always work that way and sometimes we need to charge things. So, for this part of the lab, we're going to write a calculator that calculates your minimum monthly payment on your card. To do that, you'll ask the user for 1) the amount of money they have on their credit card and 2) the "APR' - or Annual Percentage Rate - of the card. We'll keep the calculations simple (so these aren't perfect), but to calculate the minimum payment, you multiply the amount you owe times APR/12 - since there are 12 months in a year. Note: paying just the minimum should be a last resort, since it usually does not make progress towards paying off the card. Note: the $ below is part of the prompt, not what the user enters. Your program should behave User input is in bold. Sample run 1: Sample run 2 : Amount owed: $2000 Amount owed: $8500 APR: 19.75 APR: 29 Monthly percentage rate: 1.64583 Monthly percentage rate: 2.41667 Minimum payment: $32.9167 Minimum payment: $205.417
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