2.

Python 3

Paying off credit card within 12 months.

Part 1(15pts)

Minimum monthly payment = Minimum monthly payment rate x Balance

(Minimum monthly payment gets split into interest paid and principal paid)

Interest Paid = (Annual interest rate / 12 months) x Balance

Principal paid = Minimum monthly payment Interest paid

Remaining balance = Balance Principal Paid

Now write a program that calculates the minimum fixed monthly payment needed to pay off a credit card balance within 12 months. We will not be dealing with a minimum payment rate.

Take as raw_input() the following floating point numbers:

1.The outstanding on the credit card

2.Annual interest rates as a decimal

Print out the fixed minimum monthly payment, the number of months (at most 12 but possibly less than 12) it takes to pay off the debt, the balance (likely to be a negative number).

Assume that the interest is compounded monthly according to the balance at the start of the month (before the payment for that month is made). The monthly payment must be a multiple of $10 and is the same for all months. Notice that it is possible for the balance to become negative using this payment scheme. In short:

Monthly interest rate = Annual interest rate / 12.0

Updated balance each month = Previous balance * (1 + Monthly interest rate) Minimum monthly payment