Question: In this assignment we are going to determine how long it will take you to save enough money to make the down payment given the

In this assignment we are going to determine how long it will take you to save enough money to
make the down payment given the following assumptions:
Call the cost of your first home total_cost.
Call the portion of the cost needed for a down payment portion_down_payment. For
simplicity, assume that portion_down_payment =0.25(25%).
Call the amount that you have saved thus far current_savings. You start with a
current savings of $0.
Assume that you invest your current savings wisely, with an annual return of r(in other
words, at the end of each month, you receive an additional current_savings*112
funds to put into your savings - the 12 is because r is an annual rate). Assume that your
investments earn a return of r=0.04(4%).
Assume your annual salary is annual_salary.
Assume you are going to dedicate a certain amount of your salary each month to saving
for the down payment. Call that portion_saved. This variable should be in decimal
form (i.e.0.1 for 10%).
At the end of each month, your savings will be increased by the return on your
investment, plus a percentage of your monthly salary (annual salary /12).
Write a program to calculate how many months it will take you to save up enough money for a
down payment.Test Case 1portion_saved =.1
total_cost =1000000
total_months = calculate_months(annual_salary, portion_saved,
total_cost)
print("Number of months:", total_months)Output:
Number of months: 183
Test Case 2portion_saved =.15
total_cost =500000
total_months = calculate_months(annual_salary, portion_saved,
total_cost)
print("Number of months:", total_months)Output:
Number of months: 105
 In this assignment we are going to determine how long it

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!