CODEWITHSUNDEEP
pythonpython-2.7
user1721258
user1721258

Reputation:

Write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 12 months

This question is for python 2.7. The question asks to write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 12 months.By a fixed monthly payment, we mean a single number which does not change each month, but instead is a constant amount that will be paid each month.

In this problem, we will not be dealing with a minimum monthly payment rate.

The following variables contain values as described below: balance - the outstanding balance on the credit card annualInterestRate - annual interest rate as a decimal

The program should print out one line: the lowest monthly payment that will pay off all debt in under 1 year.

Assume that the interest is compounded monthly according to the balance at the end of the month (after the payment for that month is made). The monthly payment must be a multiple of $10 and is the same for all months. Notice that it is possible for the balance to become negative using this payment scheme, which is okay. A summary of the required math is found below:

Monthly interest rate = (Annual interest rate) / 12 Updated balance each month = (Previous balance - Minimum monthly payment) x (1 + Monthly interest rate)

I came up with a code for the question; however, I repeatedly got an infinite loop.

    b = balance = 3329
    air = annualInterestRate = 0.2
    monthlyInterestRate = (air/12)
    mmp = minimumMonthlyPayment = (balance * monthlyInterestRate)
    month = 0
    while month <= 12:
        b = ((b - mmp) * (1 + (air/12)))
        month = 1 + month
        if b <= 0 and month == 12:
           break
        elif b > 0 and month == 12:
           b = balance
           month = 0
           mmp = minimumMonthlyPayment + 10.00
    print str('Lowest Payment: ' + str(round(mmp, 2)))

Can someone help me fix this code? For the given balance the lowest payment is 310...I'm not sure how to get this...

Upvotes: 3

Views: 33392

Answers (9)

Py_Padawan
Py_Padawan

Reputation: 1

for i in range(12):
     balance = balance - (balance * monthlyPaymentRate) + ((balance - (balance * monthlyPaymentRate)) * (annualInterestRate/12))

print("Remaining balance:", round(balance, 2))

Correct 10/10

Upvotes: 0

ZeeCpt
ZeeCpt

Reputation: 11

This is basically a slightly improved version of randomizertech's answer, which allows user to input different variables instead of only doing it for fixed values of Initial balance and Annual interest rate. And in the end it prints some more variables that would be useful to a user. 

InitialBalance = float(raw_input("Enter your current balance: "))
InterestRate = float(raw_input("Enter the yearly interest rate as a decimal: "))


monthlyPayment = 0
monthlyInterestRate = InterestRate/12
balance = InitialBalance


while balance > 0:
    monthlyPayment += 10
    balance = InitialBalance
    numMonths = 0

    while numMonths < 12 and balance > 0:

        numMonths += 1

        interest = monthlyInterestRate * balance

        balance -= monthlyPayment

        balance += interest

    balance = round(balance,2)

print "RESULT"
print "Monthly payment to pay off debt in 1 year: " , monthlyPayment
print "Number of months need to pay the debt: " , numMonths
print "Balance after debt is paid: " , balance

Upvotes: 1

Krzysztof Olszewski
Krzysztof Olszewski

Reputation: 11

I think this is a fairly simple way of doing it:

x = 50
o = balance
a = [1,2,3,4,5,6,7,8,9,10,11,12]
monthly = annualInterestRate/12

while balance>0:
    for months in a:
        u = balance - x
        balance = u + (monthly * u)
    if balance > 0:
        x += 10
    else:
        break
print x

Upvotes: 1

user4465894
user4465894

Reputation: 

monthlyPayment = 0
monthlyInterestRate = annualInterestRate /12
newbalance = balance
month = 0

while newbalance > 0:
    monthlyPayment += 10
    newbalance = balance

    for month in range(1,13):
        newbalance -= monthlyPayment
        newbalance += monthlyInterestRate * newbalance
        month += 1
print " Lowest Payment:", monthlyPayment

Upvotes: 2

Bestin John
Bestin John

Reputation: 1803

balance = 3329
annualInterestRate = 0.2
monthlyInterestRate = annualInterestRate/12
monthlyPayment = 0
newbalance = balance
while newbalance > 0:
monthlyPayment += 10
newbalance = balance
month = 1
while month <= 12 and newbalance > 0:
    newbalance -= monthlyPayment
    newbalance += (monthlyInterestRate * newbalance)
    month += 1    
print "Lowest Payment:",monthlyPayment

Think this will be the best solution to your doubt..and satisfies the answer

Upvotes: 1

randomizertech
randomizertech

Reputation: 2329

This should give you the right answer in all of the cases:

monthlyPayment = 10
monthlyInterestRate = annualInterestRate /12
newbalance = balance - 10

while newbalance > 0:
    monthlyPayment += 10
    newbalance = balance
    month = 0

    while month < 12 and newbalance > 0:
        newbalance -= monthlyPayment
        interest = monthlyInterestRate * newbalance
        newbalance += interest
        month += 1
    newbalance = round(newbalance,2)
print " Lowest Payment:", monthlyPayment

Upvotes: 1

Kamal
Kamal

Reputation: 59

monthlyInterestRate = annualInterestRate/12
monthlyPayment = 0
newbalance = balance
while newbalance > 0:
    monthlyPayment += 10
    newbalance = balance
    month = 1

    while month <= 12 and newbalance > 0:
        newbalance -= monthlyPayment
        interest = monthlyInterestRate * newbalance
        newbalance += interest
        month += 1
    newbalance = round(newbalance,2)

Upvotes: 5

Hisham
Hisham

Reputation: 11

First of all you have to fix month <= 12 make it month < 12 secondly you are using a form which is not needed here balance = ((balance - minimumMonthlyPayment) * (1 + monthlyInterestRate)) because simply you don't have to use the minimum payment here Your code is too bad

Try this:

    balance = 3329
    annualInterestRate = 0.2

    monthlyPayment = 10
    monthlyInterestRate = interestRate/12
    newbalance = balance - 10


    while newbalance > 0:
        monthlyPayment += 10
        newbalance = balance
        month = 0

        while month < 12 and newbalance > 0:

            month += 1
            interest = monthlyInterestRate * newbalance
            newbalance -= monthlyPayment
            newbalance += interest

    newbalance = round(newbalance,2)


    print " Lowest Payment:", monthlyPayment

Upvotes: 1

Dan Steingart
Dan Steingart

Reputation: 775

This code is a bit weird, namely lines like:

   mmp = minimumMonthlyPayment = (balance * monthlyInterestRate)

with the double equal signs.

This code doesn't get stuck:

balance = 5000
annualInterestRate = 0.2
monthlyInterestRate = (annualInterestRate/12)
minimumMonthlyPayment = (balance * monthlyInterestRate)
month = 0
while month <= 12:
    balance = ((balance - minimumMonthlyPayment) * (1 + monthlyInterestRate))
     month = 1 + month
    if balance <= 0 and month == 12:
        break
    elif balance > 0 and month == 12:
        month = 0
        minimumMonthlyPayment + 1.00

print str('Lowest Payment: ' + str(round(minimumMonthlyPayment, 2)))

But doesn't return the answer you're looking for.

Upvotes: 1

Related Questions