Write a function that finds the monthly car payment of the user once the user enters...

  

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Write a function that finds the monthly car payment of the user once the user enters the credit score and the length of the car loan in years. According to a recent study, car loan APRS depend heavily on credit score, as displayed in the table below. Average car loan interest rates for new cars are based on credit score. The formula for finding monthly car payments ( often known as Amortization Formula) is given by i(1 + i)" (1+i)n - 1 montly Payment = car Price * Credit Score Average APR 781-850 2% 661-780 4% 601-660 6.5%. 501-600 9.7% 350-500 12.8%. where • i = (APR in decimal)/12 is the monthly interest rate. • n= 12 * length of the loan in years is the total number of monthly payments. • Use carPrice = $38,000 and assume that it includes taxes and other required fees. To check your function, try entering the credit score 720 and 5 years to see if you get the monthly payment of 699.83 dollars. Write a function that finds the monthly car payment of the user once the user enters the credit score and the length of the car loan in years. According to a recent study, car loan APRS depend heavily on credit score, as displayed in the table below. Average car loan interest rates for new cars are based on credit score. The formula for finding monthly car payments ( often known as Amortization Formula) is given by i(1 + i)" (1+i)n - 1 montly Payment = car Price * Credit Score Average APR 781-850 2% 661-780 4% 601-660 6.5%. 501-600 9.7% 350-500 12.8%. where • i = (APR in decimal)/12 is the monthly interest rate. • n= 12 * length of the loan in years is the total number of monthly payments. • Use carPrice = $38,000 and assume that it includes taxes and other required fees. To check your function, try entering the credit score 720 and 5 years to see if you get the monthly payment of 699.83 dollars.

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Here is a function that calculates the monthly car payment based on the users cred... View the full answer