Question: In PYTHON please You'll notice that in Problem 2, your monthly payment had to be a multiple of $10. Why did we make it that

In PYTHON please

In PYTHON please You'll notice that in Problem 2, your monthly paymenthad to be a multiple of $10. Why did we make it

You'll notice that in Problem 2, your monthly payment had to be a multiple of $10. Why did we make it that way? You can try running your code so that the payment can be any dollar and cent amount (in other words, the monthly payment is a multiple of $0.01). Does your code still work? It should, but you may notice that your code runs more slowly, especially in cases with very large balances and interest rates. Well then, how can we calculate a more accurate fixed monthly payment than we did in Problem 2 without running into the problem of slow code? We can make this program run faster using a technique - bisection search! The following variables contain values as described below: 1. balance - the outstanding balance on the credit card 2. annualInterestRate - annual interest rate as a decimal To recap the problem: we are searching for the smallest monthly payment such that we can pay off the entire balance within a year. What is a reasonable lower bound for this payment value? $0 is the obvious answer, but you can do better than that. If there was no interest, the debt can be paid off by monthly payments of one-twelfth of the original balance, so we must pay at least this much every month. One-twelfth of the original balance is a good lower bound. What is a good upper bound? Imagine that instead of paying monthly, we paid off the entire balance at the end of the year. What we ultimately pay must be greater than what we would've paid in monthly installments, because the interest was compounded on the balance we didn't pay off each month. So a good upper bound for the monthly payment would be one-twelfth of the balance, after having its interest compounded monthly for an entire year. In short: Monthly interest rate = (Annual interest rate) / 12.0 Monthly payment lower bound = Balance / 12 Monthly payment upper bound = (Balance x (1 + Monthly interest rate)) / 12.0 Write a program that uses these bounds and bisection search (for more info check out the Wikipedia page on bisection search) to find the smallest monthly payment to the cent (no more multiples of $10) such that we can pay off the debt within a year. Try it out with large inputs, and notice how fast it is (try the same large inputs in your solution to Problem 2 to compare!). Produce the same return value as you did in Problem 2. Test Cases: 1. Test Case 1: balance = 320000 annualInterestRate = 0.2 Result Your Code Should Generate: Lowest Payment: 29157.09 Test Case 2: balance = 999999 annualInterestRate = 0.18 Result Your Code Should Generate: Lowest Payment: 90325.03

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 Databases Questions!