# Write the code in Python to compute the Monthly Payment for \$40,000 loan for 36 months at 12%…

Write the code in Python to compute the Monthly Payment for \$40,000 loan for 36 months at 12% APR(Annual Percentage Rate)

The monthly payment on a loan is calculated by the following formula:

Rate *(1 + Rate)^N

Payment = —————— * L [note 1]

((1 + Rate)^N – 1)

Rate is the monthly interest rate–expressed as a decimal value,

which is the annual interest rate divided by 12.(12% annual interest would be 1 percent monthly interest.) [note 2]

N is the number of payments

L is the amount of the loan.

Note 1: ‘^’ means exponentiation; a^b means a to the power of bHint: Use the pow() function in the math Library.

Note 2: To convert from percent to decimal Divide the percent value by 100.

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