This week only. Pastebin PRO Accounts Christmas Special! Don't miss out!Want more features on Pastebin? Sign Up, it's FREE!

OCW 6.0 ps1b

By: Adam_M on Nov 15th, 2012  |  syntax: Python  |  size: 1.36 KB  |  views: 47  |  expires: Never
download  |  raw  |  embed  |  report abuse  |  print
Text below is selected. Please press Ctrl+C to copy to your clipboard. (⌘+C on Mac)
  1. # 6.00 PS1-B Solution
  2. # Determines fixed minimum monthly payment needed to finish paying off credit card debt in 1 year
  3.  
  4. # Retrieve input
  5. initialBalance = float(raw_input("Enter the outstanding balance on your credit card: "))
  6. interestRate = float(raw_input("Enter the annual credit card interest rate as a decimal: "))
  7.  
  8. # Initialize state variables
  9. monthlyPayment = 0
  10. monthlyInterestRate = interestRate/12
  11. balance = initialBalance
  12.  
  13. # Test increasing amounts of monthlyPayment in increments of $100
  14. # until it can be paid off in a year
  15. while balance > 0:
  16.  
  17.     monthlyPayment += 10
  18.     balance = initialBalance
  19.     numMonths = 0
  20.    
  21.     # Simulate passage of time until outstanding balance is paid off
  22.     # Each iteration represents 1 month
  23.     while numMonths < 12 and balance > 0:
  24.        
  25.         # Count this as a new month    
  26.         numMonths += 1
  27.  
  28.         # Interest for the month
  29.         interest = monthlyInterestRate * balance
  30.        
  31.         # Subtract monthly payment from outstanding balance
  32.         balance -= monthlyPayment
  33.  
  34.         # Add interest
  35.         balance += interest
  36.  
  37. # Round final balance to 2 decimal places
  38. balance = round(balance,2)
  39.  
  40. print "RESULT"
  41. print "Monthly payment to pay off debt in 1 year:", monthlyPayment
  42. print "Number of months needed:", numMonths
  43. print "Balance:",balance
clone this paste RAW Paste Data