Question

PYTHON ONLY PLEASE

(Financial application: compare loans with various interest rates)

Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8.

Sample Run

Loan Amount: 10000

Number of Years: 5

Interest Rate Monthly Payment Total Payment

5.000% 188.71 11322.74

5.125% 189.29 11357.13

5.250% 189.86 11391.59

...

7.875% 202.17 12129.97

8.000% 202.76 12165.84

Answer 1

Please find the required python3 script as the following:

Note: Please mind the text indentation in block scopes. A reference image has been attached for the same (with output).

#=============================================

A = float(input('Enter loan amount: '));

y = float(input('Enter number of years: '));

I = 5; # Starting Annual Interest Rate

while(I<=8):

i = (I/100)/12; # Periodic Interest Rate

n = y*12; # Number of Periodic Payments

D = (((1+i)**n)-1)/(i*((1+i)**n)); # Discount Factor

P = A/D;

print('Interest Rate\tMonthly Payment\tTotal Payment');

print("%.3f%%\t\t\t%.2f\t\t\t%.2f"%(I,P,P*y*12));

I=I+(1/8);

#==========================================

output:

Hope this helps!

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