Python 3 Mortgage Interest Monthly Loan Payment Calculator in Command Line or Terminal Full Project For Beginners

 

 

 

 

app.py

 

 

# Formula for mortgage calculator
# M = L(I(1 + I)**N) / ((1 + I)**N - 1)
# M = Monthly Payment, L = Loan, I = Interest, N = Number of payments, ** = exponent

# Declares and asks for user to input loan amount. Then converts to float
loanAmount = input('Enter loan amount \n')
loanAmount = float(loanAmount)

# Declares and asks user to input number of payments in years. Then converts to float. Years * 12 to get
#  total number of months
years = input('How many years will you have the loan? \n')
years = float(years) * 12

# Declares and asks user to input interest rate. Then converts to float and input interest rate is /100/12
interestRate = input('Enter Interest Rate \n')
interestRate = float(interestRate) / 100 / 12

# Formula to calculate monthly payments
mortgagePayment = loanAmount * (interestRate * (1 + interestRate)
                                ** years) / ((1 + interestRate) ** years - 1)

# Prints monthly payment on next line and reformat the string to a float using 2 decimal places
print("The monthly mortgage payment is\n (%.2f) " % mortgagePayment)

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