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- # 6.00 PS1-B Solution
- # Determines fixed minimum monthly payment needed to finish paying off credit card debt in 1 year
- # Retrieve input
- initialBalance = float(raw_input("Enter the outstanding balance on your credit card: "))
- interestRate = float(raw_input("Enter the annual credit card interest rate as a decimal: "))
- # Initialize state variables
- monthlyPayment = 0
- monthlyInterestRate = interestRate/12
- balance = initialBalance
- # Test increasing amounts of monthlyPayment in increments of $100
- # until it can be paid off in a year
- while balance > 0:
- monthlyPayment += 10
- balance = initialBalance
- numMonths = 0
- # Simulate passage of time until outstanding balance is paid off
- # Each iteration represents 1 month
- while numMonths < 12 and balance > 0:
- # Count this as a new month
- numMonths += 1
- # Interest for the month
- interest = monthlyInterestRate * balance
- # Subtract monthly payment from outstanding balance
- balance -= monthlyPayment
- # Add interest
- balance += interest
- # Round final balance to 2 decimal places
- balance = round(balance,2)
- print "RESULT"
- print "Monthly payment to pay off debt in 1 year:", monthlyPayment
- print "Number of months needed:", numMonths
- print "Balance:",balance
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