Problem 9 You have just purchased a stereo system for $1,000 on the following credit
plan: no down payment, an interest rate of 1.5% monthly, and monthly payments of
$50. The monthly payment of $50 is used to pay the interest and whatever is left is
used to pay part of the remaining debt. Hence, the first month you pay 1.5% of $1,000
in interest. That is $15 in interest. So, the remaining $35 is deducted from your debt,
which leaves you with a debt of $965.00. The next month you pay interest of 1.5% on
$965.00, which is $14.48. Hence, you can deduct $35.52 from the amount you owe. Write
a program that will tell you how many months it will take you to pay off the loan, as
well as the total amount of interest paid over the life of the loan. Use a loop to calculate
the amount of interest and the size of the debt after each month. (Your final program
need not output the monthly amount of interest paid and remaining debt, but you may
want to write a preliminary version of the program that does output these values.) Use
a variable to count the number of loop iterations and hence the number of months until
the debt is zero. You may want to use other variables as well. The last payment may
be less than $50. Do not forget the interest on the last payment. If you owe $50, then
your monthly payment of $50 will not pay off your debt, although it will come close. One
month’s interest on $50 is only 67 cents.