Question

Write a program that calculates the balance of a savings account at the end of a period of time. It should ask the user for the annual interest rate, the starting balance, and the number of months that have passed since the account was established. A loop should then iterate once for every month, performing the following:

1. Ask the user for the amount deposited into the account during the month. (Do not accept negative numbers.) This amount should be added to the balance.
2. Ask the user for the amount withdrawn from the account during the month. (Do not accept negative numbers.) This amount should be subtracted from the balance.
3. Calculate the monthly interest. The monthly interest rate is the annual interest rate divided by 12. Multiply the monthly interest rate by the balance, and add the result to the balance.

After the last iteration, the program should display the ending balance, the total amount of deposits, the total amount of withdrawals, and the total interest earned.

NOTE: If a negative balance is calculated at any point, a message should be displayed indicating the account has been closed, and the loop should terminate.

Answer 1

CODE:

#A function to do necessary calculation on user's account.
def calculate():
#Asking user for annual interest rate, starting balance and months.
annual_interest = float(input("Enter the annual interest rate: "))
start_balance = float(input("Enter the starting balance: "))
months = int(input("Enter the number of months: "))
#Variables to store monthly interest rate, total deposit, total withdrawl and total interest earned.
monthly_interest_rate = annual_interest/12
total_deposit = 0
total_withdrawl = 0
total_interest = 0
#Looping through months one by one.
for i in range(0,months):
#Intitializing amount deposit to -1 to check for negative inputs.
amount_deposit = -1
#It only consider positive input format amount deposit.
while(amount_deposit<0):
amount_deposit = float(input("Amount deposited in " + str(i+1) + " month: "))
#Adding the depoisted amount to account balance.
start_balance += amount_deposit
#Adding to total deposit.
total_deposit += amount_deposit
#Same as amount deposit.
amount_withdrawn = -1
while(amount_withdrawn<0):
amount_withdrawn = float(input("Amount withdrawn in " + str(i+1) + " month: "))
start_balance -= amount_withdrawn
#Checking for negative balance.
if(start_balance<0):
print("Account has been closed")
return
total_withdrawl += amount_withdrawn
#Calculating the monthly interest.
monthly_interest = (start_balance*monthly_interest_rate)/100
#Adding to total interest.
total_interest += monthly_interest
#Adding the interest earned to account balance.
start_balance += monthly_interest
#Printing the required information at the end of the loop.
print("Ending balance: ", round(start_balance))
print("Total deposit: ",total_deposit)
print("Total withdrawl: ",total_withdrawl)
print("Total interest earned: ",round(total_interest))

calculate()
  

CODE SCREENSHOT:

CODE OUTPUT: