Learning Outcomes Upon completion of this lab session, learners will be able to: 1. compile and run a basic Python program, and 2. apply the initial steps in Software Development Life Cycle Assessment #1 Loan payment calculations, or monthly payment formulas, provide the answers you need when deciding whether or not you can afford to borrow money. Typically, these calculations show you how much you need to pay each month on the loanand whether it'll be affordable for you based on your income and other monthly expenses. Calculate your monthly payment (M) using your principal balance or total loan amount (P), monthly interest rate (1), which is your annual rate divided by the number of payment periods, and your total number of payment periods (N) 1(1+1) M=P (1+1)N - 1 Where: M = Monthly Payment PMortgage Principal 1 = Monthly Interest N = Number of Months Assume you borrow RM100,000 at 6% for 30 years to be repaid monthly. To calculate the monthly payment, convert percentages to decimal format, then follow the formula: P: 100,000, the amount of the loan 1: 0.005 (6% annual rateexpressed as 0.06divided by 12 monthly payments per year) N: 360 (12 monthly payments per year times 30 years) Calculation: 100,000/{[(1+0.005)^360)-1}/(0.005(1+0.005)^360] = 599.55, or 100,000/166.7916 = 599.55 The monthly payment is RM 599.55