Data Programming l - Python

Write a program that takes the terms of a loan as inputs(principal, interest rate as a %, number of payments per year, and the total number of years), computes the interest paid over the life of the loan and produces the output shown below. The examples shown below are for:

1. Borrowing $100,000 for a condo financed over 30 years with 12 payments per year at 4.5%.
2. Borrowing $25,000 for a car financed over 6 years with 12 payments per year at 3.5%.

The total amount paid for a loan (accrued amount) is given by the formula below where A is the amount accrued over the life of the loan including principal, P is the principal, r is the rate as a decimal, n is the number of payments made per year and t is the life of the loan in years. Use the round function to have at most 1 decimal place in the answer. A = P(1+r/n)nt{"version":"1.1","math":"$A = P(1+r/n{)}^{nt}$"}

Input:

a) python C:\Users eda\DataProgramming\M1\assign1-4.py 100000 4.5 12 30

b) python C:\Users eda\DataProgramming\M1\assign1-4.py 25000 3.5 12 6

Output:

a) Interest Paid: $284769.8

b) Interest Paid: $5832.5