Write the python program

In this assignment, you will be designing a software application that will help demonstrate how long it will take to pay off a credit card if the card owner simply makes the minimum balance payment each month (while at the same time not adding any additional charges to the card). You must organize everything in a main function. Your program should have the following features:

A menu that provides three options for the user:

o 1) Credit Card Payoff Summary o 2) Credit Card Payoff Details o 3) Exit

Option 1 should request two pieces of data from the user:

o current credit card balance o credit card Annual Percentage Rate (APR)

When user enters the requested data, the application should then present a sub-menu that allows the user to select the method by which the minimum payment is calculated. The two presented methods should be:

o 1) interest on current balance + 1% of current balance o 2) 2% of current balance

When user makes the selection from the sub-menu, the application should then calculate the following for each month (and repeat until the balance is zero):

o minimum payment amount o interest on current balance o principal paid o remaining balance

Note: In order to make the payback process more reasonable when the balance reaches smaller amounts, credit card institutions typically implement what is referred to as an absolute minimum payment. Therefore, when your monthly calculations reach the point where the calculated minimum payment amount for the month is < $15, the calculated minimum payment should be overridden and set to $15.

When the remaining balance reaches zero, the application should present to the user the following information:

o number of years required to payoff card given the minimum payment method chosen o total interest paid during that period

Option 1 Example I/O: Assuming: user chooses option 1 on the main menu and option 1 from the sub-menu, the beginning balance is $10,000 and the APR is 10%, the summary output should be:

Summary: - # years required to payoff card: 26.9 - total interest paid: $7928.92

Option 2 functions exactly as option 1, with the following addition the application should print the monthly information as it is calculated.

Option 2 Example I/O: Assuming: user chooses option 2 on the main menu and option 1 from the sub-menu, the beginning balance is $10,000 and the APR is 10%, the detailed output should be:

Month Min. Int. Princ. Rem. Pay. Paid Paid Bal.

1 183.33 83.33 100.00 9900.00 2 181.50 82.50 99.00 9801.00 3 179.69 81.67 98.01 9702.99 4 177.89 80.86 97.03 9605.90 5 176.11 80.05 96.06 9509.90 319 15.00 0.50 14.50 45.87 320 15.00 0.38 14.62 31.25 321 15.00 0.26 14.74 16.51 322 15.00 0.14 14.86 1.65 323 1.66 0.01 1.65 0.00

Summary: - # years required to payoff card: 26.9 - total interest paid: $7928.92

Option 3 should report to the user that the application is terminating and then terminate the execution of the application.

If an illegal option is selected from the main menu by the user, the error should be reported to the user and the user presented with the main menu again for proper option selection.

Lab Procedure:

Step 1: Determine the overall procedure that the software system must perform and list this procedure out in the form of pseudocode. This includes operational aspects such as: o what information is known prior to the start of the system; o what information must be acquired once the system is placed into operation; o what are the detailed operations that must be performed during calculations and data processing; o and what information must be provided as part of the system output. o Once completed, place the generated pseudocode in the source code file header and use it as a guide for implementing the requisite python code. Step 2: Create the system by translating each line/section of the pseudocode into python syntax.

Step 3: Test the system with valid data by hand-calculating using the provided formula. Use these same values with your software system to validate the operation.

Formulas: Monthly Interest = Current Card Balance (APR 12) Minimum Monthly Payment = Monthly Interest + (0.01 Current Card Balance) -- or -- Minimum Monthly Payment = 0.02 Current Card Balance Monthly Principal Paid = Minimum Monthly Payment - Monthly Interest Remaining Card Balance = Current Card Balance - Monthly Principal Paid