Asking Python Imagine that you get paid on the 1st and 15th of the month. After looking at your budget, you feel you could spend $200 a paycheck and you are thinking of buying a car. You know the interest rate will be 4.74%. You figure the car loan will be spread over 4 years, paying 2 payments per month (24 a year). The care you are looking at is $20,000. Can you afford it? There is a financial formula out there you could use. PV + FV PV + (1+ip)-1 k With this formula, you would need to understand what the variables are. PMT = Payment per period PV Present Value you are borrowing FV = Future Value you want (which is likely 0!) = Number of Payments a year (24 ... twice a month) ip = interest rate (4.74%) per period k 1 if payment is made at the end of the period (Trust me... it's a financial thing) N = Let's use Python's shell to see if we can afford the car? Here I am using the interpreter and commands. Python 3.9.1 (tags/v3.9.1:1e5d33e, Dec 7 2020, 17:08:21) [MSC v.1927 64 bit (AMD64)] on win32 Type "help", "copyright", "credits" or "license ()" for more information. >>> PV= 20000 >>> i = 4.74 >>> NumYrs = 4 >>> Pmt PerYear = 24 #2 payments per month >>> FV = 0 # Future Value of loan is $o. (You want this paid off, right?) >>> -1 # (payment is at end of period it's a finance thing!) >>> ## Now ... off to calculate payment. This will look messy. >>> numerator = PV + FV >>> ip = i/100/Pmt PerYear >>> NumPmts = NumYrs * Pmt PerYear >>> denominator = (1 + ip) **NumPmts - 1 >>> fraction = numerator/denominator >>> other_fraction = (-1 * ip/k) >>> Payment = PV + fraction >>> Payment = Payment * other_fraction >>> Payment -228.91210686170604 So, the payments would be $-228.91, twice a month! Why negative? Because you are paying DOWN a loan. If you were INVESTING, it would be positive. But, to take the guess work out, why don't we just put the payment into a FUNCTION that gives us the "Absolute Value (always positive) and then print it out, using a format function! >>> abs (Payment) 228.91210686170604 >>> print (E"Your payment would be ${abs (Payment):,.2f} a period") Your payment would be $228.91 a period So, how much did you totally spend on your car? (The number of payments multiplied by the payments) >>> totalCost = abs (Payment) * NumPmts >>> print (f"Your Total Cost of the car would be ${totalCost:,.2)") Your Total Cost of the car would be $21,975.56 How much interest? (What is the cost of borrowing??) >>> costofBorrowing = totalCost PV >>> print (f"The cost of borrowing would be ${costOfBorrowing:,.2)") The cost of borrowing would be $1,975.56 Now you know how to calculate the payment, total cost of the loan and the total amount of interest, please do the following. Create a flowchart of a program that calculates the payment, total cost and cost of borrowing of a loan. (10 points) No tricks. Just take the lines from the above dialogue and make it into a flowchart. It would be similar to this... Start ilo Principle? i/p Rate? i/p Number ip Periods Calculate Amount print Amount End Create a program that calculates the payment, total cost and cost of borrowing of a loan. (20 points) Again, no tricks. You have ALL THE CODE you need in my example. Make it a program and then run it with the following prompts and values. = RESTART: C:/Users/gijrs/AppData/local/Programs/Python/Python39/calcPayment.py What is your total of the loan? 20000 What is your interest? 4.74% would be entered in as 4.74 4.74 How many years? 4 How many payments per year? 24 Your payment would be $228.91 a period Your Total Cost of the car would be $21,975.56 The cost of borrowing would be $1,975.56 Copy and paste your code below and a screenshot of the run