Question

Design an application for Bob's E-Z Loans. The application accepts a client's loan amount and monthly payment amount. Output the customer's loan balance each month until the loan is paid off.

Answer 1

To design an application for Bob's E-Z Loans, you can create a program that accepts the client's loan amount and monthly payment amount as inputs. Then, you can use a loop to calculate the loan balance each month until it is paid off.

Step-by-step explanation:

To design an application for Bob's E-Z Loans, you can create a program that accepts the client's loan amount and monthly payment amount as inputs. Then, you can use a loop to calculate the loan balance each month until it is paid off. Here's a simplified example:

loan_amount = 20000
down_payment = 0
monthly_payment = 500

# Calculate the loan balance each month
while loan_amount > 0:
# Subtract the monthly payment from the loan balance
loan_amount -= monthly_payment

# Add the interest to the loan balance
interest = loan_amount * 0.06 / 12
loan_amount += interest

# Print the loan balance for the current month
print('Loan balance:', loan_amount)

In this example, the loan balance is decreased by the monthly payment and increased by the monthly interest until it reaches zero. You can modify this code to include additional features such as input validation and a user-friendly interface.

Answer 2

To design an application for Bob's E-Z Loans that calculates the loan balance each month, you would need to implement a loan amortization schedule. This schedule will help track the remaining balance after each monthly payment.

Step-by-step explanation:

To design an application for Bob's E-Z Loans that calculates the loan balance each month, you would need to implement a loan amortization schedule. This schedule will help track the remaining balance after each monthly payment. Here's an example of how the application could work:

Accept the loan amount and monthly payment amount from the client.

Calculate the interest rate for each month by dividing the annual interest rate by 12.

Calculate the number of months required to pay off the loan by dividing the loan amount by the monthly payment amount.

For each month, calculate the interest payment, principal payment, and remaining loan balance using the following formulas:

Output the remaining loan balance for each month until it reaches zero.

By following this approach, the application will accurately track the loan balance each month until it is fully paid off.