Part 1 Monthly Loan Payment Write Function Named Lastnamefirstnamepaymentpy Calculates Mon Q43808035
Part 1: Monthly Loan Payment You will write a function named lastname_firstname_payment.py that calculates monthly payments on a loan. Your program will ask for these items as input: the amount of the loan, the annual percentage rate, and the number of years of the loan. Calculate the monthly payment according to this formula: r(1+r)” (1+r)”– 1 раутеnt • pis the principal (the amount of the loan). • ris the monthly interest rate. • nis the number of months of the loan. You might want to make separate variables for: • The monthly interest rate r, which equals the annual rate divided by 12 • The number of months n, which equals the number of years times 12 • The common subformula (1+r)” Here is what a sample run of the program might look like: Enter amount of loan: $5000 Enter annual interest rate as a percent: 7.25 Enter number of years for the loan: 10 Your monthly payment is $58.70 Show transcribed image text Part 1: Monthly Loan Payment You will write a function named lastname_firstname_payment.py that calculates monthly payments on a loan. Your program will ask for these items as input: the amount of the loan, the annual percentage rate, and the number of years of the loan. Calculate the monthly payment according to this formula: r(1+r)” (1+r)”– 1 раутеnt • pis the principal (the amount of the loan). • ris the monthly interest rate. • nis the number of months of the loan. You might want to make separate variables for: • The monthly interest rate r, which equals the annual rate divided by 12 • The number of months n, which equals the number of years times 12 • The common subformula (1+r)” Here is what a sample run of the program might look like: Enter amount of loan: $5000 Enter annual interest rate as a percent: 7.25 Enter number of years for the loan: 10 Your monthly payment is $58.70
Expert Answer
Answer to Part 1: Monthly Loan Payment You will write a function named lastname_firstname_payment.py that calculates monthly payme…
OR