Question

Bank Muscat wants to follow new policies for calculating equal monthly instalments of loans for customers with Al Jawhara account type only. Other account types will follow other procedures to calculate the installments. The length of the account number in Bank Muscat is 15 characters, and the Al Jawhara account type ends with two letters, while other accounts have other formats. Write a Python program that calculates the equal monthly installment (EMI) for Al Jawhara customers' loans following the equation mentioned below. EMI is defined by: EMI=Pr×

(1+r) n−1(1+r) n
Where: P: Amount of the loan r : Monthly interest rate n : Number of loan months Your program should read - Account number - Amount of the loan P - Annual bank interest rate R - Number of years of the loan N And then it should display the equal monthly installment EMI to be paid by the customer that owns Al Jawhara accounts. See sample runs in the following page.

Answer 1

A Python program to calculate the equal monthly instalment (EMI) for Bank Muscat's Al Jawhara account type checks if the account qualifies, then computes the EMI using the given loan details and the EMI formula.

Step-by-step explanation:

The following Python program reads in all the necessary inputs to calculate the equal monthly instalment (EMI) of a loan for Bank Muscat's Al Jawhara account holders. The program first checks if the provided account number ends with two letters, identifying it as an Al Jawhara account. If the account is indeed Al Jawhara, the program then calculates the EMI using the formula:

EMI = P * r * (1 + r)^n / ((1 + r)^n - 1)

Where:

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The program takes the amount of the loan, the annual interest rate, and the number of years for the loan from the user. The annual interest rate is converted to the monthly interest by dividing it by 12 and converting it into a percentage (dividing by 100).

After computation, it outputs the calculated EMI value for Al Jawhara account holders. Here is a sample of the code.

account_number = input('Enter Al Jawhara account number: ')
if len(account_number) == 15 and account_number[-2:].isalpha():
P = float(input('Enter the amount of the loan: '))
R = float(input('Enter the annual interest rate: '))
N = int(input('Enter the number of years of the loan: '))
r = R / 12 / 100
n = N * 12
EMI = P * r * (1 + r) ** n / ((1 + r) ** n - 1)
print(f'The equal monthly installment is: {EMI}')
else:
print('Account number is not valid for an Al Jawhara customer.')