Question: now write a program that calculates the minimum fixed monthly...
Now write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within a user defined number of months. We will not be dealing with a minimum monthly payment rate. Take as input() the following floating point numbers: the outstanding balance on the credit card annual interest rate as a decimal the number of to pay off the debt Print out the fixed minimum monthly payment, number of months (at most the number of user defined months and possibly less than that) it takes to pay off the debt, and the balance (likely to be a negative number). Assume that the interest is compounded monthly according to the balance at the start of the month (before the payment for that month is made). The monthly payment must be a multiple of $10 and is the same for all months. Notice that it is possible for the balance to become negative using this payment scheme. In short: Monthly interest rate = Annual interest rate / monthsChosen Updated balance each month = Previous balance * (1 + Monthly interest rate) – Minimum monthly payment
python output: Enter the outstanding balance on your credit card: 32000 Enter the annual credit card interest rate as a decimal: .2 Enter the number of months have the debt paid off by: 24 RESULT Monthly payment to pay off debt in 1 year: 1480 Number of months needed: 24 Balance: -88.92