Question
The TidBit Computer Store has a credit plan for computer purchases. There is a 10% down payment and an annual interest rate of 12%. Monthly
The TidBit Computer Store has a credit plan for computer purchases. There is 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
An example table is shown below:
Month | Starting Balance | Interest to Pay | Principle to Pay | Payment | Ending Balance |
---|---|---|---|---|---|
1 | 12.00 | 0.12 | 0.48 | 0.60 | 11.40 |
2 | 11.40 | 0.11 | 0.49 | 0.60 | 10.80 |
3 | 10.80 | 0.11 | 0.49 | 0.60 | 10.20 |
It is important that your output follow the format in the table above.
Here are some usual facts:
Input
purchase price
Constants
annual interest rate = 12%
downpayment = 10% of purchase price
monthly payment = 5% of purchase price
The amount of principal for a month is equal to the monthly payment minus the interest owed.
Python
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