Simple Loan Calculator Write a Python program that accepts a base loan amount (or principal) and a number of months to be spent paying off the loan. The loan's interest is calculated as a flat five percent of the initial value, multiplied by the number of months spent paying off the loan. Your program should display output very similar to the following. (Warning: Ensure all values are rounded to two decimal places.) Enter the principal of your loan: 30000 Enter the number of months you'll pay for: 12 The monthly interest on your loan is 1,500.00 This makes your total loan's cost 48,000.00 This means you will pay 4,000.00 per month

Simple Loan Calculator Write a Python program that accepts a base loan amount (or principal) and a number of months to be spent paying off the loan. The loan's interest is calculated as a flat five percent of the initial value, multiplied by the number of months spent paying off the loan. Your program should display output very similar to the following. (Warning: Ensure all values are rounded to two decimal places.) Enter the principal of your loan: 30000 Enter the number of months you'll pay for: 12 The monthly interest on your loan is 1,500.00 This makes your total loan's cost 48,000.00 This means you will pay 4,000.00 per month

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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Concept explainers

Max Function

Statistical function is of many categories. One of them is a MAX function. The MAX function returns the largest value from the list of arguments passed to it. MAX function always ignores the empty cells when performing the calculation.

Power Function

A power function is a type of single-term function. Its definition states that it is a variable containing a base value raised to a constant value acting as an exponent. This variable may also have a coefficient. For instance, the area of a circle can be given as:

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Simple Loan Calculator
Write a Python program that accepts a base loan amount (or principal) and a number of months to
be spent paying off the loan. The loan's interest is calculated as a flat five percent of the initial
value, multiplied by the number of months spent paying off the loan. Your program should display
output very similar to the following.
(Warning: Ensure all values are rounded to two decimal places.)
Enter the principal of your loan: 30000
Enter the number of months you'll pay for: 12
The monthly interest on your loan is 1,500.00
This makes your total loan's cost 48,000.00
This means you will pay 4,000.00 per month

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