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.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more