Question #16502

Write a 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.
The following variables contain values as described below:
balance - the outstanding balance on the credit card
annualInterestRate - annual interest rate as a decimal
monthlyPaymentRate - minimum monthly payment rate as a decimal
For each month, calculate statements on the monthly payment and remaining balance, and print to screen something of the format:
Month: 1
Minimum monthly payment: 96.0
Remaining balance: 4784.0
Be sure to print out no more than two decimal digits of accuracy - so print
Remaining balance: 813.41
instead of
Remaining balance: 813.4141998135
Finally, print out the total amount paid that year and the remaining balance at the end of the year in the format:
Total paid: 96.0
Remaining balance: 4784.0

Expert's answer

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