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IT 211 -- Project 1
Compute Monthly Payment for a Loan

• Write a Python script that computes monthly interest payments for a home or car loan.
  

  Inputs:	p = Loan amount (principal)
  	r  = Interest rate in percent
  	n = Number of years (duration of loan)
  Output:	m = Monthly payment

  
  Here is the formula:
  

  m

  =

  p r / 1200.0 1 - (1.0 + r / 1200.0) –12 n

  
  
• Use prompts for input to let the user know what to input; use text to explain what the output means.
• Round the monthly payment to the nearest cent.
• Use Cel2Fahr and Distance as examples.
• Optionally: validate p, r, and n with if statements to insure that they are all positive.
• Pseudocode for Project 1, including input validation:
  

  Input principal using prompt "Enter amount of loan: ", 
      assign to variable p.
  If p is less than 0,
      print error message,
      exit program.
  End
  
  Input interest rate using prompt "Interest rate in percent: ",
      assign to variable r.
  If r is less than 0,
      print error message,
      exit program.
  End
  
  Input term using prompt "Number of years: ",
      assign to variable n.
  If n is less than 0,
      print error message,
      exit program.
  End
  
  Compute monthly payment using formula, assign to variable m.
  Output monthly payment m.
  

• Grading Breakdown: Functionality: 80%, Source Code Comments: 10%, Submitted Correctly: 10%.
• Check the Project Submission Guidelines before submitting your project.