1.1. Debt

Suppose you have borrowed $3000 with 2% monthly interest. For every month you do not pay, your total debt becomes 1.02 times the original debt.

Assuming that your plan is to return the money within 6 months and you want to return it in equal amounts, write a program that outputs the amount of money you have to pay every month until you clear your debt (printing 2 digits after decimal point is sufficient).

Show the Answer

total_money = 3000 * (1.02 ** 6)        # notice the power operator
monthly_payment = total_money / 6
print("{:.2f}".format(monthly_payment))     # 2 digits after decimal point