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 JEnter Annual Interest Rate: 7 -Enter Monthly Payment: 865.26 Total Payment: 10383.21 Balance Payment# 1 2 Interest 58.33 53.62 Principal 806.93 811.64 9193.07 8381.43 855.26 860.25 11 10.00 860.27 12 5.01 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: Monthly Payment 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)
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 JEnter Annual Interest Rate: 7 -Enter Monthly Payment: 865.26 Total Payment: 10383.21 Balance Payment# 1 2 Interest 58.33 53.62 Principal 806.93 811.64 9193.07 8381.43 855.26 860.25 11 10.00 860.27 12 5.01 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: Monthly Payment 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)
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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Note: Please do this in Python 3
![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
1
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:
Monthly Payment
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"))](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe66c38d-3342-48bb-a083-117d0ac7fb36%2Ff3c0fe33-029e-4bb9-adaa-95731ccda2d7%2Fkqqwa8w_processed.png&w=3840&q=75)
Transcribed Image Text: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
1
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:
Monthly Payment
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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