Question: How to write a Python program that takes the terms of a loan as inputs ( principal , interest rate as a % , number

How to write a Python 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. To get the interest, you should subtract the principal from the amount accrued over the life of the loan. Borrowing $100,000 for a condo financed over 30 years with 12 payments per year at 4.5%. 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!