payingMin.py

"""paying-the-minimum program to calculate the credit card balance after one year if a person only pays the minimum monthly payment required by the credit card company each month."""

balance = 4213 #credit card original balance
annualInterestRate = 0.2 #constant annual interest rate
monthlyPaymentRate = 0.04 #monthly pay rate constant at each month
monthlyInterestRate = annualInterestRate / 12.0 #interest rate each month
totalPaid = 0.0 #initial value for totalPaid
count = 1 #begining loop variable

for count in range(1, 13): #calculating (remainingBalance & totalPaid) after 12 months
    minMonthlyPayment = monthlyPaymentRate * balance #minMonthlyPayment for each month
    monthlyUnpBalance = balance - minMonthlyPayment #unpaidBalance for each month
    remainingBalance = monthlyUnpBalance + (monthlyInterestRate * monthlyUnpBalance) #remainingBalance after each month
    balance = remainingBalance #assign old remainingBalance to balance
    totalPaid = totalPaid + minMonthlyPayment #totalPaid for each month
    print 'Month: ' + str(count)
    print 'Minimum monthly payment: ' + str(round(minMonthlyPayment, 2))
    print 'Remaining balance: ' + str(round(remainingBalance, 2))
print 'Total paid: ' + str(round(totalPaid, 2)) #totalPaid after 12 months
print 'Remaining balance: ' + str(round(remainingBalance, 2)) #remainingBalance after 12 months