Project 9-1: Monthly Payment Calculator Solved

Description

Create a program that calculates the monthly payments on a loan

Specifications

• The interest rate should only have one decimal place for both the calculation and the formatted results
• The formula for calculating monthly payment is:

month_payment = loan_amount * monthly_interest rate / (I • I / (I + monthly_interest rate) ** months)

• Use the locale module to ensure the results are formatted for the proper location.
• Use the decimal module and its quantize() method for rounding.
• Assume that the user will enter valid data.