Question

Read chapter 3 from our text, Murach's Python Programming, focusing on coding the iteration structure (while statement). Then code Python statements for the pseudocode under a "Payment Schedule" shown below.
Save these Python statements in a text file named with your first name, last name, the digits 06, and extension .py (e.g. joelMurach06.py). To maximize points earned, first test this file with Python IDLE to ensure it is error free, then attach the python file to an email sent to [email protected].
Include our class code (csci233) and your leomail name in the "Subject" line of your email to [email protected] .

Payment Schedule (example output)

month  payment  interest  applied  balance
    1  50.00    2.00      48.00    352.00
    2  50.00    1.76      48.24    303.76
    3  50.00    1.52      48.48    255.28
...
    8  50.00    0.29      49.71      9.21
    9   9.26    0.05       9.21     0.00
Total 409.26   9.26     400.00

Pseudocode for a "Payment Schedule":
0. Code a comment that includes your first and last names and leomail address.
1. Have input/prompts to enter values for:
a purchase amount, a fixed monthly payment amount, and an annual interest rate. Example: a notepad purchase that is to cost $400.00, with $50 monthly payments, an annual interest rate of 6 percent(a whole number to be converted to decimal fraction) to be compounded monthly on the remaining principal balance.
2. Assign purchase amount to the beginning balance;
3. To represent a monthly interest rate in decimal terms, multiply the annual rate by 0.01 then divide by 12 (the months in a year);
4. while balance is greater than zero:
    a. compute the monthly interest charge on the balance;
    b. accumulate the interest charge for a final total on interest;
    c. reduce the balance due by the monthly payment minus the interest charge (or to zero if the regular monthly payment would exceed the outstanding balance);
    d. print the month number, payment, current month's interest charge, net amount applied to the balance, and the remaining balance after applying the payment (net after subtracting the interest).
     
5. Write a summary line with totals for the payment, interest and applied columns.

*Note that the last payment amount is likely to be different than the usual monthly payment.


(25 points for homework 6).

Answer 1

Short Summary:

• Implemented the program as per given instruction

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Source Code:

purchaseAmount = float(input("Enter purchase amount: "))
monthlyPayment = float(input("Enter fixed monthly payment amount: "))
APR = float(input("Enter annual interest rate: "))

#2. Assign purchase amount to the beginning balance;
beginingBalance = purchaseAmount

#3. To represent a monthly interest rate in decimal terms, multiply the annual rate by 0.01 then divide by 12 (the months in a year);
monthlyRate = (APR * 0.01) /12

totalInterest = 0
totalPayment = 0
month = 0

print("{0:<10} {1:<10} {2:<10} {3:<10} {4:<10}".format("Month", "Payment", "Interest", "Applied", "Balance"))

#4. while balance is greater than zero:
while beginingBalance > 0:
month += 1
# a. compute the monthly interest charge on the balance;
monthlyInterest = beginingBalance * monthlyRate
#b. accumulate the interest charge for a final total on interest;
totalInterest += monthlyInterest
#c. reduce the balance due by the monthly payment minus the interest charge
#(or to zero if the regular monthly payment would exceed the outstanding balance);
if monthlyPayment > beginingBalance:
monthlyPayment = beginingBalance + monthlyInterest
beginingBalance = beginingBalance - (monthlyPayment - monthlyInterest)
  
totalPayment += monthlyPayment
  
# d. print the month number, payment, current month's interest charge,
#net amount applied to the balance, and the remaining balance after applying the payment (net after subtracting the interest).
print("{0:<10} {1:<10.2f} {2:<10.2f} {3:<10.2f} {4:<10.2f}".format(month, monthlyPayment, monthlyInterest, monthlyPayment-monthlyInterest, beginingBalance))

#5. Write a summary line with totals for the payment, interest and applied columns.
print("{0:<10} {1:<10.2f} {2:<10.2f} {3:<10.2f}".format("Total", totalPayment, totalInterest, totalPayment-totalInterest))

Refer the following screenshots for code indentation:

Sample Run:

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Happy Studying!!!

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