Question: Write a script that can solve this compound interest problem Suppose that you have a $ 2 0 , 0 0 0 loan at 6
Write a script that can solve this compound interest problem
Suppose that you have a $ loan at percent annual interest compounded monthly. You can
afford to pay $month toward this loan. How long will it take until the loan is paid off?
Hint: A While Loop will be useful. The loop will need to simultaneously keep track of how much you pay
each year and how much the principle balance increases each year. The condition that stops the loop
will be when the amount paid is greater than the principle balance. The Compound Interest example
above will be useful.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
