Ask user for the mortgage amount he wishes to borrow

Assignment Help Computer Engineering

Reference no: EM132212258

Question :

Write a python code for the following problem and submit by uploading the code here by clicking on the Assg1 link. Your code must follow all the programming styles we discussed (such as block comment at the beginning, line comments as pseudo code, meaningful names for variables etc.)

Problem: Ask user for the mortgage amount (amount) he wishes to borrow, number of years (years) to clear the loan, the annual interest rate (rate). Then compute the monthly payment amount (payment) using the formula below. Then output the result as in the example below.

In order to use the formula below, first replace the rate with rate/1200 (in order to convert the annual percentage to monthly rate) and replace the years with years * 12.

Then the formula for the fixed monthly payment is given by: payment = amount [rate(1+rate)^years]/[(1+rate)^years - 1]

Note that the formula is written in Math notation and you need to convert it into proper Python syntax. Test your code with the following example output:

Loan Amount: $200000.00

Annual Interest Rate: 5%

Years to Clear: 20

Your Monthly Payment: $1319.91

This is all the information i was given for the question, anyone have any idea what to do?

Reference no: EM132212258

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