I seem to be missing something in pset2 see code
balance = 4213
annualInterestRate = 0.2
monthlyPaymentRate = 0.04
mmp = monthlyPaymentRate*balance
m = 1
while(m <=12):
print 'Month: ', m
m += 1
print 'Minimum monthly payment: ',round(mmp,2)
balance = (balance - mmp)*(1 + monthlyPaymentRate)
mmp = monthlyPaymentRate*balance
print 'Remaining balance: ',round(balance,2)
It's first attempt, doesn't match the test case for reduction in values in fact it seems a draconian rate, i cant see why. Thanks

- anonymous

- jamiebookeater

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- rsmith6559

Two things that will help you. First and most importantly, when you're not comfortable with the math that you're going to be doing, comment the heck out of it. That will help you check that you're code is doing exactly what you intended.
Second, for debugging, print the answer after each calculation to make sure that things are progressing just as you expect.

- TuringTest

balance = (balance - mmp)*(1 + monthlyPaymentRate)
^^^^
why is this MPR? shouldn't it be monthly interest rate?

- TuringTest

That, and you need a total paid variable to keep track of, along with the print statements at the end for final balance and total paid.

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- anonymous

it would help if you posted the original formula from the problem.

- anonymous

Its using the basic formula provided, but doesn't seem to work
balance = (balance - mmp)*(1 + monthlyPaymentRate)
is supposed to be the new balance after removing the payment and adding interest
@Turing Test, yes that is the monthly interest rate

- anonymous

I would suggest solving the problem in paper first and understand how to reach to a solution.
Then use programming to help you get the solution faster.
In my opinion. you have not fully understood the problem judging by your code. If you solve it in paper, it should be straight forward to code it!
*Note the the rest, as I have mentioned to other posts... since the deadline for the exercise has not passed, we should not be providing full solutions in here! Just something to remember!

- anonymous

It prints out in the format required but the maths is not correct. Even if I separate the monthly payment subtraction from the preceding balance and the adding on of interest it is still not right.

- anonymous

If the maths are not correct, then you need to revisit the problem on paper. Forget programming for the moment and focus on understanding and solving the problem.
There are tips and instructions on the problem set page to help you get started!

- anonymous

There must be one of my variables I have calculated wrongly, as the others are preset. This must be the mmp which I have as = monthlyPaymentRate*balance

- anonymous

Which of the 3 exercises in problem set 2 are you stuck?

- anonymous

The 1st one, paying the minimum.

- anonymous

As described on the page of the problem:
To help you get started, here is a rough outline of the stages you should probably follow in writing your code:
For each month:
- Compute the monthly payment, based on the previous monthâ€™s balance.
- Update the outstanding balance by removing the payment, then charging interest on the result.
- Output the month, the minimum monthly payment and the remaining balance.
- Keep track of the total amount of paid over all the past months so far.
Print out the result statement with the total amount paid and the remaining balance.
Use these ideas to guide the creation of your code.
These are step by step instructions on how to approach the problem!
Let me know if you have any issues!

- anonymous

balance = (balance - mmp)*(1 + monthlyPaymentRate) that is incorrect.

- anonymous

Not according to this

##### 1 Attachment

- anonymous

you should look very carefully at the pic that you posted and the line that medisynergi posted

- anonymous

So monthlyPaymentRate and monthly InterestRate are not the same ?

- anonymous

read the problem instructions/specifications again

- anonymous

One is interest rate on the amount owed, the payment rate is the monthly instalment!

- anonymous

so it should be monthlyInterestRate and be set at 18/12

- anonymous

Evidently not

- anonymous

0.18/12
what is 18? interest rate is a percentage!

- anonymous

Annual rate 18%

- anonymous

exactly... 18% = 18/100 = 0.18, not 18

- anonymous

OK Thanks.

- anonymous

It's still wrong though
while(m <=12):
print 'Month: ', m
m += 1
print 'Minimum monthly payment: ',round(mmp,2)
balance = (balance - mmp)*(1 + 0.18/12)
paid = mmp + paid
print 'Total paid: ',paid
mmp = monthlyPaymentRate*balance
print 'Remaining balance: ',round(balance,2)
Can't seem to get it

- anonymous

Do you have a solution in paper?
It seems that you don't!

- anonymous

No its wrong on paper too, I'm not getting right the subtraction of mmp and the subsequent adding of the compound interest. Back to the drawing board.
(I haven't done maths for well over 30 years so need a little slack here.
I've also only tried Python for 2-3 weeks)

- anonymous

Not trying to agitate you...
Just suggesting that you should take a step back and think the solution of the problem on paper first with small steps.

- anonymous

I finally got it right ! Passed grader, I was very close all the time but I didn't use the annualInterestRate in the balance calculation/12 (for monthly interest)
You are right though, I am rushing without thinking too much at all.
Thanks again.

- anonymous

Not a problem... we are always here to help but the more you try the better for you!

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