Question

Write a program in Python to determine how many months it will take to pay off a $10,000 car loan with 4% interest. Choose your own monthly payment.

Answer 1

The following code is well commented and self explanatory. Please find screenshots for indentation and output.

Assuming monthly payment = 1000.

---------Code below----------------------

loanamount = 10000
interestrate = 4
monthlypayment = 1000

monthlyinterest = round((loanamount * interestrate/100/12),2)
monthlybalance = float(loanamount - (monthlypayment - monthlyinterest))

print ("Month", " ", "Payment", " ", "Interest", " ", "Balance")
print ("-----", " ", "-------", " ", "--------", " ", "-------")

month = 0

while monthlybalance > 0 :
   month += 1
   print (month, " ", monthlypayment, " ", monthlyinterest, " ", monthlybalance)
   monthlyinterest = round((monthlybalance * interestrate/100/12),2)
   monthlybalance = float(monthlybalance - (monthlypayment - monthlyinterest))

print ("Total months taken will be",month,"months.")

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Thank you :)