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USE PYTHON 3 Monthly mortgage payments can be calculated using the formula: A= P*i 1-(1+i) Where A is the monthly payment, P is the total
USE PYTHON 3
Monthly mortgage payments can be calculated using the formula: A= P*i 1-(1+i)" Where A is the monthly payment, P is the total amount borrowed (the principal), n is the number of months for repayment and i is the monthly interest rate. You can calculate the monthly interest rate by dividing the annual interest rate ("APR") by 12. For example, to borrow $30,000 (P) for a 10 year term (n = 120) with an APR interest rate of 6% (i = 0.06 / 12 = 0.005), A calculates to be $333.06 - the monthly payment. The total interest paid over 10 years (always depressing!) = 120 $333.06 $30,000 = $9,967.38. For this assignment, assume that interest rates are fixed and the APR must lie between 1 and 10% inclusive. The term is always in years and must lie between 1 and 30 years inclusive. Payments are always monthly and the principal must lie between $1,000 and $500,000, inclusive. Write a program that prompts the user for the three required values and then calculates and displays the monthly payment and the total interest paid over the entire term.
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