Question

Overview

Module 3 Assignment 2 features designing a program using pseudocode and then completing the program in Python using strings. M3Lab2 asks you to write a Mortgage Loan Calculator.

Each lab asks you to write pseudocode that plans the program’s logic before you write the program in Python and to turn in three things: 1) the pseudocode, 2) a screenshot of the output, and 3) the Python program.

Instructions

Pseudocode and Python Program with Strings

M3Lab2.txt has some of the code provided for a Mortgage Loan Calculator. In your lab, write the rest of the code to perform the following tasks:

• Download the file M3Lab2_student.txt linked below these instructions to your computer.
• Open M3Lab2_student.txt in IDLE
• Save as M3Lab2ii.py Replace ii with your initials. Replace ii with your initials. [example for someone with the initials cc: M3Lab2cc.py]
• Complete Steps 1-7 within the code’s comments.
• Run your program, enter your name, and enter loan information.
• Test your program 3 times and take a screenshot of your program’s output.
• Save your pseudocode as M3Lab2ii.docx. Replace ii with your initials.
• Insert a screenshot of your program output in the pseudocode’s Word file.

How to Complete Your M3 Assignment 2 Pseudocode & Python with Strings

• Write your pseudocode and save it as M3Lab2ii.docx
• Write your program and save it as M3Lab2ii.py
• Take a screenshot of your program’s output and Insert it in M3Lab2ii.docx
• Upload both M3 Lab documents (Word and Python) to M3 Assignment 2 Pseudocode & Python with Strings Assignment Submission Folder. .

M3 Lab 2:

# Calculating a mortgage loan with monthly compound interest
# By C. Calongne, 01/14/2019
# Pseudocode & Python with Strings, M3Lab2_student.py
# Write the statements requested in Steps 1-7 below
#
# See the examples in the provided code
# Use structured programming and indent your code.
# Programmer Name: *****add your name here****

print()
print("Welcome to the Mortgage Loan Calculator.")
print("****************************************")

# ****Instructions****
# Complete Steps 1-7 in the comments below. The remaining comments explain the logic.
# Customers can check a variety of loans and interest rates. When finished, type quit

# Step 1: add an input statement to enter name or type quit to exit

# Step 2: add a while loop to keep asking for a name until the user types quit

# Step 3: declare two variables for loan and interest, like months below,
# convert them to float, and ask the user to input their values to the screen.

months = float(input("How many months will it take to repay your loan? "))

print("***************************************************************")
print (name, "you requested an estimate on a loan for {0:.2f}" .format(loan))

# Step 4: add a print statement to display the interest and # of months

  
print("*******************************************************************************")
print("Here are the rates for simple interest, compound interest, and monthly interest", "\n")

# calculate the rate for one month's interest + payment by adding 1 to a month's interest
interest_rate = float((interest/12)+1)

# calculate the compound interest per payment period by raising the
# monthly payment to the negative power of total months
compound_interest = float(1-((interest/12)+1) ** -months)

# Step 5: print the interest_rate and compound_interest to the display screen

# calculate the monthly interest based on the compound interest
monthly_interest = float((interest/12)/ compound_interest)
print(monthly_interest, "\n")

# calculate the monthly loan payment with monthly compound interest
payments = float(loan * monthly_interest)

# Step 6: write a print statement that displays the monthly payments to two decimal points
# Tip: use the 0:.2f format from an earlier example, only for the payments

  

print("*******************************************")
# Step 7: add an input statement to enter name or type quit to exit

print()
print("Thank you for using the Mortgage Loan Calculator")

Answer 1

Updated Code for your problem:

# Calculating a mortgage loan with monthly compound interest
# By C. Calongne, 01/14/2019
# Pseudocode & Python with Strings, M3Lab2_student.py
# Write the statements requested in Steps 1-7 below
#
# See the examples in the provided code
# Use structured programming and indent your code.
# Programmer Name: *****add your name here****

print()
print("Welcome to the Mortgage Loan Calculator.")
print("****************************************")

# ****Instructions****
# Complete Steps 1-7 in the comments below. The remaining comments explain the logic.
# Customers can check a variety of loans and interest rates. When finished, type quit

# Step 1: add an input statement to enter name or type quit to exit
name = input("Enter a name: ")
while name != "quit" :
  
if name == "Quit" or name == "quit":
break
  
# Step 2: add a while loop to keep asking for a name until the user types quit
  
# Step 3: declare two variables for loan and interest, like months below,
# convert them to float, and ask the user to input their values to the screen
  
  
loan = float(input("Enter the total amount of loan: "))
interest = float(input("Enter the interest: "))
months = float(input("How many months will it take to repay your loan? "))
print("***************************************************************")
print (name, "you requested an estimate on a loan for {0:.2f}" .format(loan))
  
# Step 4: add a print statement to display the interest and # of months
print("interest = " + str(interest))
print("number of months = " + str(months))
  
print("*******************************************************************************")
print("Here are the rates for simple interest, compound interest, and monthly interest", "\n")
  
# calculate the rate for one month's interest + payment by adding 1 to a month's interest
interest_rate = float((interest/12)+1)
  
# calculate the compound interest per payment period by raising the
# monthly payment to the negative power of total months
compound_interest = float(1-((interest/12)+1) ** -months)
  
  
# Step 5: print the interest_rate and compound_interest to the display screen
print("interest_rate = " + str(interest_rate))
print("compound_interest is= " + str(compound_interest))
# calculate the monthly interest based on the compound interest
monthly_interest = float((interest/12)/ compound_interest)
print(monthly_interest, "\n")
  
# calculate the monthly loan payment with monthly compound interest
payments = float(loan * monthly_interest)
  
  
# Step 6: write a print statement that displays the monthly payments to two decimal points
print (name, "your monthly loan payment is {0:.2f}" .format(payments))
# Tip: use the 0:.2f format from an earlier example, only for the payments
  
  
  
print("*******************************************")
# Step 7: add an input statement to enter name or type quit to exit
name = input("Enter a name: ")

print()
print("Thank you for using the Mortgage Loan Calculator")

Here a sample output of above program:

Welcome to the Mortgage Loan Calculator.
****************************************
Enter a name: amb
Enter the total amount of loan: 8000
Enter the interest: 10
10
How many months will it take to repay your loan? 6
***************************************************************
amb you requested an estimate on a loan for 8000.00
interest = 10.0
number of months = 6.0
*******************************************************************************
Here are the rates for simple interest, compound interest, and monthly interest

interest_rate = 1.8333333333333335
compound_interest is= 0.973663904319411
0.8558737051219246

amb your monthly loan payment is 6846.99
*******************************************
Enter a name: quit
quit

Thank you for using the Mortgage Loan Calculator

Note:

1) I have added my code just in the same place it has asked in comments. So you can just check the code below every step.

2) If you have any doubts ask me in the comments section and please upvote the answer.