Project 9-1: Monthly Payment Calculator
Create a program that calculates the monthly payments on a loan
Console
Monthly Payment Calculator
DATA ENTRY
Loan amount: 500000
Yearly interest rate: 5.6
Years: 30
FORMATTED RESULTS
Loan amount: $500,000.00
Yearly interest rate: 5.6%
Number of years: 30
Monthly payment: $2,870.39
Continue? (y/n): y
DATA ENTRY
Loan amount: 500000
Yearly interest rate: 4.3
Years: 30
FORMATTED RESULTS
Loan amount: $500,000.00
Yearly interest rate: 4.3%
Number of years: 30
Monthly payment: $2,474.36
Continue? (y/n): n
Specifications
The interest rate should only have one decimal place for both the calculation and the formatted
results.
The formula for calculating monthly payment is:
month_payment = loan_amount * monthly_interest_rate / (1 - 1 / (1 + monthly_interest_rate) ** months)
Use the locale module to ensure the results are formatted for the proper location.
Use the decimal module and its quantize() method for rounding.
Assume that the user will enter valid data.
Save the file with the filename month_payment_XXX.py where XXX is either your initials or your
last name.
Hint
You may find the Future Value program on pp. 264-265 of the textbook to be helpful.
