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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