Question

Say that you owe the credit card company $1000.00. The company charges you 1.5% per month on the unpaid balance. You have decided to stop using the card and pay off the debt by making a monthly payment of N dollars a month. Write a PYTHON function that takes the monthly interest rate, the starting balance and the monthy payment as parameters, then writes out the balance and total payments for every month until the balance is zero or less. Also, when the balance falls below the amount of the monthly payment, write out the final payment that will bring the balance to exactly zero.

A sample output for monthly interest rate of 1.5%, starting balance of $1000, and monthly payment of $100 would look like:

Month: 1  balance: 915.0  total payments: 100.0
Month: 2  balance: 828.725        total payments: 200.0
Month: 3  balance: 741.155875     total payments: 300.0
Month: 4  balance: 652.273213125  total payments: 400.0
Month: 5  balance: 562.057311322  total payments: 500.0
Month: 6  balance: 470.488170992  total payments: 600.0
Month: 7  balance: 377.545493557  total payments: 700.0
Month: 8  balance: 283.20867596   total payments: 800.0
Month: 9  balance: 187.456806099  total payments: 900.0
Month: 10         balance: 90.2686581908  total payments: 1000.0
Month: 11         balance: 0      total payments: 1091.62268806

Answer 1

main.py

def ccbalance():

mon = 0

x = 100.00

balance = 1000.00

tot = 0.0

while(balance > 0):

mon = mon + 1

balance = balance + (balance * 1.5) - x

tot = tot + x

print("Month: {} Balance: {} Total Payment:{}".format(mon, balance, tot))

ccbalance()