Question

Create a program that calculates the monthly payments on a loan using Decimal & LC Console SEE Sanple Run Attached Specifications  The interest rate should only use 1 decimal place for both the calculation and the formatted results.  The formula for calculating the monthly payment is: monthly_payment = loan_amount * monthly_interest_rate / (1 - 1 / pow( (1 + monthly_interest_rate), months))  Assume that the user will enter valid data.

Answer 1

Consider the following code.

Step-by-step explanation:

Code:

Unix Terminal> cat loan_calc.py

#!/usr/local/bin/python3

import locale

from decimal import *

def main():

locale.setlocale(locale.LC_ALL, 'en_US')

print('Monthly Payment Calculator')

while True:

print('DATA ENTRY')

loan_amt = input('Loan amount: ')

loan_amt = float(loan_amt)

int_rate = input('Yearly interest rate: ')

int_rate = float(int_rate)

years = input('Years: ')

years = int(years)

mon_rate = int_rate / 12 / 100

months = years * 12

monthly_pay = loan_amt * mon_rate / ( 1 - 1/(1 + mon_rate) ** months)

monthly_pay = Decimal(monthly_pay).quantize(Decimal('.01'), rounding=ROUND_DOWN)

print()

print('FORMATTED RESULT')

print('Loan amount: %30s' %locale.currency(loan_amt))

print('Yearly interest rate: %20.2f' %int_rate + '%')

print('Number of years: %25d' %years)

print('Montly payment: %25s' %locale.currency(monthly_pay))

print()

print('Continue? (y/n): ')

choice = input().strip()

if choice.lower() == 'n':

break

if __name__=='__main__':

main()

Unix Terminal>

Code output screenshot: