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The monthly payment for a given loan pays the principal and the interest. The monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining principal). The principal paid for the month is therefore the monthly payment minus the monthly interest. Write a program that lets the user enter the loan amount, number of years, and interest rate, and then displays the amortization schedule for the loan. Here is a sample run: Loan Amount: 10000 Enter Number of Years: 1 Enter Annual Interest Rate: 7 - Enter Monthly Payment: 865.26 Total Payment: 10383.21 Principal 806.93 811.64 Balance Payment# 1 2 Interest 58.33 53.62 9193.07 8381.43 ... 11 10.00 855.26 860.27 12 5.01 860.25 0.01

The monthly payment for a given loan pays the principal and the interest. The monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining principal). The principal paid for the month is therefore the monthly payment minus the monthly interest. Write a program that lets the user enter the loan amount, number of years, and interest rate, and then displays the amortization schedule for the loan. Here is a sample run: Loan Amount: 10000 Enter Number of Years: 1 Enter Annual Interest Rate: 7 - Enter Monthly Payment: 865.26 Total Payment: 10383.21 Principal 806.93 811.64 Balance Payment# 1 2 Interest 58.33 53.62 9193.07 8381.43 ... 11 10.00 855.26 860.27 12 5.01 860.25 0.01

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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Question 1 The monthly payment for a given loan pays the principal and the interest. The monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining principal). The principal paid for the month is therefore the monthly payment minus the monthly interest. Write a program that lets the user enter the loan amount, number of years, and interest rate, and then displays the amortization schedule for the loan. Here is a sample run: Loan Amount: 10000 JEnter Number of Years: 1 JEnter Annual Interest Rate: 7 - Enter Monthly Payment: 865.26 Total Payment: 10383.21 Principal 806.93 811.64 Payment# Interest Balance 58.33 53.62 9193.07 8381.43 2 11 10.00 855.26 860.27 12 5.01 860.25 0.01 Note: The balance after the last payment may not be zero. If so, the last payment should be the normal monthly payment plus the final balance. Hint: Мonthly Paymеnt 1 [1- Loan Amount interest rate (1+ interest rate)"] n = number of payment periods The interest rate is the effective rate per month (i.e. annual interest rate divided by 12) Hint: The following statement will print the header of the table print(format("Payment#", "<15s"), format("Interest", "<15s"), format("Principal", "<15s"), format("Balance", "<15s")) Hint: The following statement will print the contents of the table below the header print(format(i, "<15d"), format(interest, "<15.2f"), format(principal, "<15.2f"), format(balance, "<15.2f"))
Transcribed Image Text:Question 1 The monthly payment for a given loan pays the principal and the interest. The monthly interest is computed by multiplying the monthly interest rate and the balance (the remaining principal). The principal paid for the month is therefore the monthly payment minus the monthly interest. Write a program that lets the user enter the loan amount, number of years, and interest rate, and then displays the amortization schedule for the loan. Here is a sample run: Loan Amount: 10000 JEnter Number of Years: 1 JEnter Annual Interest Rate: 7 - Enter Monthly Payment: 865.26 Total Payment: 10383.21 Principal 806.93 811.64 Payment# Interest Balance 58.33 53.62 9193.07 8381.43 2 11 10.00 855.26 860.27 12 5.01 860.25 0.01 Note: The balance after the last payment may not be zero. If so, the last payment should be the normal monthly payment plus the final balance. Hint: Мonthly Paymеnt 1 [1- Loan Amount interest rate (1+ interest rate)"] n = number of payment periods The interest rate is the effective rate per month (i.e. annual interest rate divided by 12) Hint: The following statement will print the header of the table print(format("Payment#", "<15s"), format("Interest", "<15s"), format("Principal", "<15s"), format("Balance", "<15s")) Hint: The following statement will print the contents of the table below the header print(format(i, "<15d"), format(interest, "<15.2f"), format(principal, "<15.2f"), format(balance, "<15.2f"))
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