Write a program to calculate the credit card balance after one year if a person only pays the minimum monthly payment required by the credit card company each month. Use raw_input() to ask for the following three floating point numbers: 1. the outstanding balance on the credit card 2. annual interest rate 3. minimum monthly payment rate For each month, print the minimum monthly payment, remaining balance, principle paid in the format shown in the test cases below. All numbers should be rounded to the nearest penny. Finally, print the result, which should include the total amount paid that year and the remaining balance.
Use the following equations.
Minimum monthly payment = Minimum monthly payment rate x Balance
(Minimum monthly payment gets split into interest paid and principal paid)
Interest Paid = Annual interest rate / 12 months x Balance
Principal paid = Minimum monthly payment – Interest paid
Remaining balance = Balance – Principal paid
Input Format
Enter the outstanding balance on your credit card: 4800
Enter the annual credit card interest rate as a decimal: .2
Enter the minimum monthly payment rate as a decimal: .02
Output Format
Month: 1
Minimum monthly payment: $96.0
Principle paid: $16.0
Remaining balance: $4784.0
Month: 2
Minimum monthly payment: $95.68
Principle paid: $15.95
Remaining balance: $4768.05
Month: 3
Minimum monthly payment: $95.36
Principle paid: $15.89
Remaining balance: $4752.16
Month: 4
Minimum monthly payment: $95.04
Principle paid: $15.84
Remaining balance: $4736.32
Month: 5
Minimum monthly payment: $94.73
Principle paid: $15.79
Remaining balance: $4720.53
Month: 6
Minimum monthly payment: $94.41
Principle paid: $15.73 Remaining balance: $4704.8
Month: 7
Minimum monthly payment: $94.1
Principle paid: $15.69
Remaining balance: $4689.11
Month: 8
Minimum monthly payment: $93.78
Principle paid: $15.63
Remaining balance: $4673.48
Month: 9
Minimum monthly payment: $93.47
Principle paid: $15.58
Remaining balance: $4657.9
Month: 10
Minimum monthly payment: $93.16
Principle paid: $15.53
Remaining balance: $4642.37
Month: 11
Minimum monthly payment: $92.85
Principle paid: $15.48
Remaining balance: $4626.89
Month: 12
Minimum monthly payment: $92.54
Principle paid: $15.43
Remaining balance: $4611.46
RESULT
Total amount paid: $1131.12
Remaining balance: $4611.46
Write a program to calculate the credit card balance after one year if a person only pays the minimum monthly payment required by the credit card company each month.
The following variables contain values as described below:
balance - the outstanding balance on the credit card
annualInterestRate - annual interest rate as a decimal
monthlyPaymentRate - minimum monthly payment rate as a decimal
For each month, calculate statements on the monthly payment and remaining balance, and print to screen something of the format:
Month: 1
Minimum monthly payment: 96.0
Remaining balance: 4784.0
Be sure to print out no more than two decimal digits of accuracy - so print
Remaining balance: 813.41
instead of
Remaining balance: 813.4141998135
Finally, print out the total amount paid that year and the remaining balance at the end of the year in the format:
Total paid: 96.0
Remaining balance: 4784.0
A summary of the required math is found below:
Monthly interest rate= (Annual interest rate) / 12.0
Minimum monthly payment = (Minimum monthly payment rate) x (Previous balance)
Monthly unpaid balance = (Previous balance) - (Minimum monthly payment)
Updated balance each month = (Monthly unpaid balance) + (Monthly interest rate x Monthly unpaid balance)
Note that the grading script looks for the order in which each value is printed out. We provide sample test cases below; we suggest you develop your code on your own machine, and make sure your code passes the sample test cases, before you paste it into the box below.
Test Cases to Test Your Code With. Be sure to test these on your own machine - and that you get the same output! - before running your code on this webpage!
Click to See Problem 1 Test Cases
The code you paste into the following box should not specify the values for the variables balance, annualInterestRate, or monthlyPaymentRate - our test code will define those values before testing your submission.
2 answers
Exam Question
0 answers