Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the

The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment. Write a program that takes the purchase price as input. The program should display a table, with appropriate headers, of a payment schedule for the lifetime of the loan. Each row of the table should contain the following items: The month number (beginning with 1) The current total balance owed The interest owed for that month The amount of principal owed for that month The payment for that month The balance remaining after payment The amount of interest for a month is equal to balance rate / 12. The amount of principal for a month is equal to the monthly payment minus the interest owed. An example of the program input and output is shown below: Enter the puchase price: 200 Month Starting Balance Interest to Pay Principal to Pay Payment Ending Balance 1 180.00 1.80 7.20 9.00 172.80 2 172.80 1.73 7.27 9.00 165.53 3 165.53 1.66 7.34 9.00 158.18 4 158.18 1.58 7.42 9.00 150.77 5 150.77 1.51 7.49 9.00 143.27 6 143.27 1.43 7.57 9.00 135.71 7 135.71 1.36 7.64 9.00 128.06 8 128.06 1.28 7.72 9.00 120.34 9 120.34 1.20 7.80 9.00 112.55 10 112.55 1.13 7.87 9.00 104.67 11 104.67 1.05 7.95 9.00 96.72 12 96.72 0.97 8.03 9.00 88.69 13 88.69 0.89 8.11 9.00 80.57 14 80.57 0.81 8.19 9.00 72.38 15 72.38 0.72 8.28 9.00 64.10 16 64.10 0.64 8.36 9.00 55.74 17 55.74 0.56 8.44 9.00 47.30 18 47.30 0.47 8.53 9.00 38.77 19 38.77 0.39 8.61 9.00 30.16 20 30.16 0.30 8.70 9.00 21.46 21 21.46 0.21 8.79 9.00 12.68 22 12.68 0.13 8.87 9.00 3.80 23 3.80 0.00 3.80 3.80 0.00

Use python coding

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ehs 2.0 Revolutionizing The Future Of Safety With Digital Technology

Authors: Tony Mudd

1st Edition

B0CN69B3HW, 979-8867463663

More Books

Students also viewed these Databases questions

Question

Why? What will be my payoff?

Answered: 1 week ago

Question

Create a 16*8 Memory from 4*8 Memory blocks?

Answered: 1 week ago