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An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process. The annuity formula is: A = P(i+T+ -1) i (1+ i)" where: A = periodic payment amount P = amount of principal, net of initial payments, meaning "subtract any down-payments" i = periodic interest rate (as a decimal) n = total number of payments For a 30-year loan with monthly payments, тonths n = 30 years x 12- уear = 360 months Note that the interest rate is commonly referred to as an annual percentage rate (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate i must be in terms of a monthly percent (as a decimal). Write a program that implements the amortization formula and use it to find the monthly mortgage payment for a 30 year fixed rate mortgage of a home costly $559,700 at an interest rate of 4.625%. Ask the user to input the principal, the interest rate, number of years. Be sure to include at least two functions.

An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process. The annuity formula is: A = P(i+T+ -1) i (1+ i)" where: A = periodic payment amount P = amount of principal, net of initial payments, meaning "subtract any down-payments" i = periodic interest rate (as a decimal) n = total number of payments For a 30-year loan with monthly payments, тonths n = 30 years x 12- уear = 360 months Note that the interest rate is commonly referred to as an annual percentage rate (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate i must be in terms of a monthly percent (as a decimal). Write a program that implements the amortization formula and use it to find the monthly mortgage payment for a 30 year fixed rate mortgage of a home costly $559,700 at an interest rate of 4.625%. Ask the user to input the principal, the interest rate, number of years. Be sure to include at least two functions.

Database System Concepts
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process. The annuity formula is: A = P(1++=) i A=. (1+ i)n – 1, where: A = periodic payment amount P = amount of principal, net of initial payments, meaning "subtract any down-payments" i = periodic interest rate (as a decimal) n = total number of payments For a 30-year loan with monthly payments, тonths n = 30 years × 12- уear %3D 360 тоnths Note that the interest rate is commonly referred to as an annual percentage rate (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate i must be in terms of a monthly percent (as a decimal). Write a program that implements the amortization formula and use it to find the monthly mortgage payment for a 30 year fixed rate mortgage of a home costly $559,700 at an interest rate of 4.625%. Ask the user to input the principal, the interest rate, number of years. Be sure to include at least two functions.
Transcribed Image Text:An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process. The annuity formula is: A = P(1++=) i A=. (1+ i)n – 1, where: A = periodic payment amount P = amount of principal, net of initial payments, meaning "subtract any down-payments" i = periodic interest rate (as a decimal) n = total number of payments For a 30-year loan with monthly payments, тonths n = 30 years × 12- уear %3D 360 тоnths Note that the interest rate is commonly referred to as an annual percentage rate (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate i must be in terms of a monthly percent (as a decimal). Write a program that implements the amortization formula and use it to find the monthly mortgage payment for a 30 year fixed rate mortgage of a home costly $559,700 at an interest rate of 4.625%. Ask the user to input the principal, the interest rate, number of years. Be sure to include at least two functions.
IDLE Shell 3.9.7 File Edit Shell Debug Options Window Help Python 3.9.7 (tags/v3.9.7:1016ef3, Aug 30 2021, 20:19:38) [MSC v.1929 64 bit (AM D64)] on win32 Type "help", "copyright", "credits" or "license ()" for more information. >>> RESTART: D:/CP1/Labs/Labl/amortization.py This progam calculates the monthly payment for a fixed-rate mortgage using an amortization calculator. In order to do this, we will need the principal, annual interest rate, and the term (years) of the loan. Please enter the principal: 559700 Please enter the interest rate (APR) : 4.625 Please enter the term of the loan (i.e., the number of years) : 30 Your monthly payment will be: $2,877.64
Transcribed Image Text:IDLE Shell 3.9.7 File Edit Shell Debug Options Window Help Python 3.9.7 (tags/v3.9.7:1016ef3, Aug 30 2021, 20:19:38) [MSC v.1929 64 bit (AM D64)] on win32 Type "help", "copyright", "credits" or "license ()" for more information. >>> RESTART: D:/CP1/Labs/Labl/amortization.py This progam calculates the monthly payment for a fixed-rate mortgage using an amortization calculator. In order to do this, we will need the principal, annual interest rate, and the term (years) of the loan. Please enter the principal: 559700 Please enter the interest rate (APR) : 4.625 Please enter the term of the loan (i.e., the number of years) : 30 Your monthly payment will be: $2,877.64
Expert Solution
Step 1

A = P(i + i/((1+i)^n-1))

where,

A = periodic payment amount.

P = amount of principle.

i = periodic interest in decimal.

n = total number of payments.

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