The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly
Question:
The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment.
Write a program that takes the purchase price as input. The program should display a table, with appropriate headers, of a payment schedule for the lifetime of the loan. Each row of the table should contain the following items:
- The month number (beginning with 1)
- The current total balance owed
- The interest owed for that month
- The amount of principal owed for that month
- The payment for that month
- The balance remaining after payment
The amount of interest for a month is equal to balance × rate / 12.
The amount of principal for a month is equal to the monthly payment minus the interest owed.
An example of the program input and output is shown below:
Enter the puchase price: 200 Month Starting Balance Interest to Pay Principal to Pay Payment Ending Balance 1 180.00 1.80 7.20 9.00 172.80 2 172.80 1.73 7.27 9.00 165.53 3 165.53 1.66 7.34 9.00 158.18 4 158.18 1.58 7.42 9.00 150.77 5 150.77 1.51 7.49 9.00 143.27 6 143.27 1.43 7.57 9.00 135.71 7 135.71 1.36 7.64 9.00 128.06 8 128.06 1.28 7.72 9.00 120.34 9 120.34 1.20 7.80 9.00 112.55 10 112.55 1.13 7.87 9.00 104.67 11 104.67 1.05 7.95 9.00 96.72 12 96.72 0.97 8.03 9.00 88.69 13 88.69 0.89 8.11 9.00 80.57 14 80.57 0.81 8.19 9.00 72.38 15 72.38 0.72 8.28 9.00 64.10 16 64.10 0.64 8.36 9.00 55.74 17 55.74 0.56 8.44 9.00 47.30 18 47.30 0.47 8.53 9.00 38.77 19 38.77 0.39 8.61 9.00 30.16 20 30.16 0.30 8.70 9.00 21.46 21 21.46 0.21 8.79 9.00 12.68 22 12.68 0.13 8.87 9.00 3.80 23 3.80 0.00 3.80 3.80 0.00
How to type into python?
Expert Answer:
purchasePrice float input Enter the purchase price Initialize annual interest and monthly View the full answer
