MIT 6.00SC - Problem Set 1 - Problem 1

balance = float(raw_input('Enter the outstanding balance on your credit card: '))
annual_interest = float(raw_input('Enter the annual credit card interest rate as a decimal: '))
minimum_payment_rate = float(raw_input('Enter the minimum monthly payment rate as a decimal: '))
total_paid = 0
for month in range(1,13):
    minimum_monthly_payment = round(balance * minimum_payment_rate,2)
    interest_paid = round(annual_interest / 12 * balance,2)
    principle_paid = round(minimum_monthly_payment - interest_paid,2)
    total_paid += minimum_monthly_payment
    print 'Month:', month
    print 'Minimum monthly payment: $', minimum_monthly_payment
    print 'Principle paid: $', principle_paid
    print 'Remaining balance: $', balance - principle_paid
    balance = balance - principle_paid
print 'RESULT'
print 'Total amount paid: $', total_paid
print 'Remaining balance: $', balance