A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 2 years ago
Prob1c,
RemainingBalance = (RemainingBalance*(1 + MonthlyRate))  Payment
Gives me 26956.44 for a monthly payment, but test case in handout shows 29643.05
 2 years ago
Prob1c, RemainingBalance = (RemainingBalance*(1 + MonthlyRate))  Payment Gives me 26956.44 for a monthly payment, but test case in handout shows 29643.05

This Question is Closed

TuringTest
 2 years ago
Best ResponseYou've already chosen the best response.0please show your whole code

shawnf
 2 years ago
Best ResponseYou've already chosen the best response.0## a credit card program that calculates the minimum fixed monthly payment needed in order to pay off a credit card balance within 12 months. ## this more complicated version uses a bisection search method and upper and lower bounds InitialBalance = float(raw_input('What is the outstanding balance?')) apr = float(raw_input('What is the annual interest rate?')) MonthlyRate = apr/12.0 PaymentLow = InitialBalance/12.0 PaymentHigh = (InitialBalance * (1 + MonthlyRate)**12.0)/12.0 Payment = (PaymentLow + PaymentHigh)/2.0 RemainingBalance = InitialBalance while ((RemainingBalance > 0.010) or (RemainingBalance < 0.010)): RemainingBalance = InitialBalance for i in range(12): RemainingBalance = (RemainingBalance*(1 + MonthlyRate))  Payment if RemainingBalance > 0.010: PaymentLow = Payment Payment = (Payment + PaymentHigh)/2.0 if RemainingBalance < 0.010: PaymentHigh = Payment Payment = (Payment + PaymentLow)/2.0 print ('Monthly payment to pay off debt in 1 year: ' + str(round(Payment,2))) print ('Balance: ' + str(round(RemainingBalance,2)))

TuringTest
 2 years ago
Best ResponseYou've already chosen the best response.0your formula to update the balance is wrong: RemainingBalance = (RemainingBalance*(1 + MonthlyRate))  Payment payment needs to be subtracted before multiplication by 1+MonthlyRate

shawnf
 2 years ago
Best ResponseYou've already chosen the best response.0I don't think that's correct. If you look at the handout (http://ocw.mit.edu/courses/electricalengineeringandcomputerscience/600scintroductiontocomputerscienceandprogrammingspring2011/unit1/lecture4machineinterpretationofaprogram/MIT6_00SCS11_ps1.pdf) I'm using the same formula.

TuringTest
 2 years ago
Best ResponseYou've already chosen the best response.0that link is not working for me, but I did the same problem once on OCW and once for edX so I think mine is right did you try it to see if you get the right answer

shawnf
 2 years ago
Best ResponseYou've already chosen the best response.0No it doesn't give the correct answer and it doesn't jive with interest payments. The interest accrues and then you pay off the interest plus a portion of the principle. I also checked my answer in excel and it is correct.

TuringTest
 2 years ago
Best ResponseYou've already chosen the best response.0what are the inputs for balance and interest that you are trying to get the answer 29643.05 from?

shawnf
 2 years ago
Best ResponseYou've already chosen the best response.0Ah that's it, I was entering in .02 instead of .2  I did the program right. Thanks!
Ask your own question
Ask a QuestionFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.