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

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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