Answer:
I. i = 1
while i <= 12:
monthlyInterestRate = annualInterestRate/12.0
minimumMonthlyPayment = balance * monthlyPaymentRate
unpaidBalance = balance - minimumMonthlyPayment
updatedBalance = unpaidBalance + monthlyInterestRate * unpaidBalance
balance = updatedBalance
i += 1
print("The Remaining Balance is:" + " " + str(round(balance,2)))
II. monthlyInterestRate = annualInterestRate/12.0
fixedPayment = 10
def calculate(balance,monthlyInterestRate):
i = 1
while i <= 12:
unpaidBalance = balance - fixedPayment
balance = unpaidBalance + unpaidBalance * monthlyInterestRate
i += 1
return balance
while calculate(balance,monthlyInterestRate) > 0:
fixedPayment += 10
calculate(balance,monthlyInterestRate)
print("Lowest Payment is:" + " " + str(fixedPayment))
III.
initBalance = balance
monthlyInterestRate = annualInterestRate/12.0
low = balance/12.0
high = (balance * ((1.0 + monthlyInterestRate)**12))/12.0
epsilon = 0.01
minPay = (high + low)/2.0
month = 0
def calculate(month, balance, minPay, monthlyInterestRate):
while month <12:
unpaidBalance = balance - minPay
balance = unpaidBalance + (monthlyInterestRate * unpaidBalance)
month += 1
return balance
while abs(balance) >= epsilon:
balance = initBalance
month = 0
balance = calculate(month, balance, minPay, monthlyInterestRate)
if balance > 0:
low = minPay
else:
high = minPay
minPay = (high + low)/2.0
minPay = round(minPay,2)
print('Lowest Payment: ' + str(minPay))
Explanation:
I.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. At the end of 12 months, print out the remaining balance. Be sure to print out no more than two decimal digits of accuracy
II.
Now write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 12 months. By a fixed monthly payment, we mean a single number which does not change each month, but instead is a constant amount that will be paid each month.
In this problem, we will not be dealing with a minimum monthly payment rate.
The following variables contain values as described below:
balance - the outstanding balance on the credit card
annualInterestRate - annual interest rate as a decimal
III. In short:
Monthly interest rate = (Annual interest rate) / 12.0
Monthly payment lower bound = Balance / 12
Monthly payment upper bound = (Balance x (1 + Monthly interest rate)12) / 12.0
