I was seeking help in why my small program/script is not performing the way I would like. Here is the question.
Write a program to calculate the credit card balance after one year if a person only pays the
minimum monthly payment required by the credit card company each month.
Use raw_input() to ask for the following three floating point numbers:
1. the outstanding balance on the credit card
2. annual interest rate
3. minimum monthly payment rate
Here is my code:
balance = float(raw_input('Enter your ourstanding debt. ')) annuainterest= float(raw_input('Enter your annual interest rate in decimal. ')) minmonpayrate = float(raw_input('Enter your minimum monthly payment rate in decimal. ')) for month in range(1,13): print 'Month: ' + str(month) interest = float(round(annuainterest/12*balance,2)) minpayamount = float(round(balance*minmonpayrate,2)) print 'Minimum monthly payment: ' +str(minpayamount) principal = float(round(minpayamount-interest,2)) print 'Principal: ' + str(principal) rembalance = float(round(balance - principal,2)) print 'Remaining Balance: ' + str(rembalance)
The program list the months correctly but does not redue the math for each month can anyone help? Thank you!