Question

Write a python program for the below question?

Car Loan If A dollars is borrowed at r% interest compounded monthly to purchase
a car with monthly payments for n years, then the monthly payment is given
by the formula
monthly payment = i / 1 - (1 + i)-12n . A
where i = r/1200. Write a program that calculates the monthly payment after the
user gives the amount of the loan, the interest rate, and the number of years.

Answer 1

Program:

# Prompt and read the loan amount
A = int(input("Enter the amount of loan: $"))
# Prompt and read the interest rate
r = float(input("Enter the interest rate: "))
# Prompt and read the number of years
n = int(input("Enter the number of years: "))
# Calculate the interest rate per month
i = r / 1200
# Calculate the monthly payment
monthlyPayment = (i / (1- pow((1 + i),(-12 * n)))* A)
# Display the result
print("The monthly payment is: ${0:.2f}".format(monthlyPayment))

Output:

Python 3.6.4 Shell Python 3.6.4 (v3.6.4:d48eceb, Dec 19 2017, 06:04:45) [MSC v.1900 32 bit (Intel )] on win32 Type "copyright", "credits" or "license)" for more information. RESTART:E:/Python/calculateMonthlyPaymentForCarLoan.py Enter the amount of loan: $15000 Enter the interest rate: 6.5 Enter the number of years: 5 The monthly payment is: $293.49 n:9 Col:4

Program Screenshot:
calculateMonthlyPaymentForCarloan.py - E:/Python/calculateMonthlyPaymentForCarloan.p.... - onthlyPaymentForCarLoan File Edit Format Run Options Window Help # Prompt and read the loan amount A - int (input ("Enter the amount of loan: $")) # Prompt and read the interest rate r - float (input ("Enter the interest rate: ")) # Prompt and read the number of years n - int (input ("Enter the number of years:")) # Calculate the interest rate per month i-r/ 1200 # Calculate the monthly payment monthlyPayment - (i / (1- pow ((1 i), (-12 * n))) A) # Display the result print ("The monthly payment is: $I0:.2f".format (monthlyPayment)) Ln: 13 Col: 0