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- When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making periodic payments over a certain period of time. Of course, the lending company will charge interest on the loan. Every periodic payment consists of the interest on the loan and the payment toward the principal amount. To be specific, suppose that you borrow $1,000 at an interest rate of 7.2% per year and the payments are monthly. Suppose that your monthly payment is $25. Now, the interest is 7.2% per year and the payments are monthly, so the interest rate per month is 7.2/12 = 0.6%. The first months interest on $1,000 is 1000 0.006 = 6. Because the payment is $25 and the interest for the first month is $6, the payment toward the principal amount is 25 6 = 19. This means after making the first payment, the loan amount is 1,000 19 = 981. For the second payment, the interest is calculated on $981. So the interest for the second month is 981 0.006 = 5.886, that is, approximately $5.89. This implies that the payment toward the principal is 25 5.89 = 19.11 and the remaining balance after the second payment is 981 19.11 = 961.89. This process is repeated until the loan is paid. Write a program that accepts as input the loan amount, the interest rate per year, and the monthly payment. (Enter the interest rate as a percentage. For example, if the interest rate is 7.2% per year, then enter 7.2.) The program then outputs the number of months it would take to repay the loan. (Note that if the monthly payment is less than the first months interest, then after each payment, the loan amount will increase. In this case, the program must warn the borrower that the monthly payment is too low, and with this monthly payment, the loan amount could not be repaid.)arrow_forwardA basic safe type of investment is an annuity: one makes monthly deposits of size P for n months at a fixed annual interest rate r, and at maturity collects the amount 12P n r ((₁ + 2)² − ¹) 12 r (This is not the definition of annuity that you may be familiar with, but the calculation is part of any accumulation of funds over time.) Say you want to create an annuity for a term of 300 months and final value of 1,000,000 dollars. Using nlsolve, make a table of the interest rate you will need to get for each of the different contribution values P 500 + 50k, k = 0, ..., 10. - Hint: if you write a function for the value of annuity, or the difference between this value and one million dollars with several arguments (P, r, n), you can then create a new function of just the one variabler for each value of P in a loop. The table and pretty tables approach used in homework 2 will be helpful here.arrow_forwardInterest on a credit card’s unpaid balance is calculated using the average daily balance. Suppose that netBalanceis the balance shown in the bill, paymentis the payment made, d1is the number of days in the billing cycle, and d2is the number of days payment is made before the billing cycle. Then the average daily balance is: averageDailyBalance = (netBalance * d1 –payment * d2) / d1 if the interest rate per month is say, 0.0152, then the interest on the unpaid balanceis: interest = averageDailyBalance * 0.0152 Design a program that accepts as input netBalance, payment, d1, d2, and interest rate per month. The program outputs the interest charged. Format your output to two decimal places. C++arrow_forward
- The United States federal personal income tax is calculated based on filing status and taxable income. There are four filing statuses: single filers, married filing jointly, married filing separately, and head of household. The tax rates vary every year. Table 4.2 shows the rates for 2009. If you are, say, single with a taxable income of $10,000, the first $8,350 is taxed at 10% and the other $1,650 is taxed at 15%. So, your tax is $1,082.50. TABLE 4.2 2009 U.S. Federal Personal Tax Rates Marginal Tax Rate 10% 15% 25% 28% 33% 35% Single $0-$8,350 $8,351-$33.950 $33,951-$82,250 $82,251 - $171,550 $171,551-$372,950 $372,951+ Married Filing Jointly $0-$16,700 $16,701-$67,900 $67.901-$137,050 $137,051 - $208,850 $208,851-$372,950 $372,951+ Married Filing Separately $0-$8,350 $8,351-$33,950 $33,951 - $68,525 $68,526-$104,425 $104,426-$186,475 $186,476+ Head of Household $0-$11,950 $11,951-$45,500 $45,501-$117,450 $117.451-$190,200 $190,201-$372,950 $372.951+ You are to write a program to…arrow_forwardA flight of stairs has 10 steps numbered 1 to 10 as shown in the figure below. i. How many ways could you climb up the set of stairs, assuming that you can skip any number of stairs with each step, but you must end on step 10 and you can only go up, never down and never remaining on the same step. ii. How many ways could you climb up the set of stairs, assuming you take exactly 4 steps. Again, your staircase climb ends on step 10. JAlthough there are different ways in which you could solve this problem, model the problem as a balls and bins problem for full credit.arrow_forwardInstallation of a Shopee Billboard Max. score: 100 You are installing a billboard and want it to be at the maximum height. The billboard will have two steel supports, one on each side. The height of each steel bracket must be equal. You have a number of rebar rods that can be welded together. For example, if the bars are of length 1, 2, and 3, they can be welded together to form a length of 6 brackets. Return the maximum possible installation height of the billboard. Return 0 if the billboard cannot be installed.arrow_forward
- Suppose you are a computer salesman and your income depend on the total sales and commissions earned for the computers that you sell. Commission rates vary depending on how many units you sold (see chart below). Your income equals to the total sales plus the commission where the commission equals to total sales times the commission rate. That is, commission = total sales * commission rate and income = total sales + commission. Total Sales Commission rate % Less than 200 sold 8% Greater or equal to 200 sold 10% Greater than to 400 sold 12% 1. Provide the user the commission rate list above. 2. After displaying the list, prompt the user to input the total sales. 3. Display the total income. Input: The input to your program will be from the keyboard (using Scanner). Output: The output of your program should be to the screen and include the correct answers. Run: Run it three times to be sure all possible values of the if logic works correctly.arrow_forwardCraps is a single player dice game, that proceeds as follows:1. the player rolls 2 six-sided dice once if the total is 7 or 11, the player wins if the total is 2, 3 or 12, the player loses otherwise, the game continues, ... see 2 ... 2. the player the continues to roll the dice repeatedly, until ... the total is the same as the original total (from 1), in which case the player wins the total is 7, in which case the player loses Write a function craps using Python that simulates a single game of craps (may be many rolls) and returns 1 if the player wins and 0 otherwise. Sample results examples: >> import random>>> random.seed(0)>>> craps()0 >>> random.seed(1)>>> craps()1 >>> random.seed(2)>>> craps()0 >>> [ (i,random.seed(i),craps()) for i in range(20)][(0, None, 0), (1, None, 1), (2, None, 0), (3, None, 1), (4, None, 0), (5, None,1), (6, None, 0), (7, None, 1), (8, None, 0), (9, None, 0), (10,…arrow_forwardSuppose you have a certain amount of money in a savings account that earns compoundmonthly interest, and you want to calculate the amount that you will have after a specificnumber of months. The formula is as follows: F=P×(1+i)tF=P×(1+i)t The terms in the formula are: • F is the future value of the account after the specified time period.• P is the present value of the account.• i is the monthly interest rate.• t is the number of months.• F is the future value of the account after the specified time period.• P is the present value of the account.• i is the monthly interest rate.• t is the number of months. $$ Write a program that prompts the user to enter the account’s present value, monthly interest rate, and the number of months that the money will be left in the account. The program should pass these values to a function that returns the future value of the account, after the specified number of months. The program should display the account’s future value.arrow_forward
- You have just started a sales job in adepartment store. Your pay consists of a base salary and a commission. The base salaryis $5,000. The scheme shown below is used to determine the commission rate. Note that this is a graduated rate. The rate for the first $5,000 is at 6%, the next$5000 is at 8%, and the rest is at 10%. If your sales amounts to $25,000, the commissionis 5,000 * 6% + 5,000 * 8% + 15,000 * 10% = 2,200. Your goal is toearn $30,000 a year. Write a program to find the minimum sales you have to generatein order to make $30,000.arrow_forwardWrite the pseudocode for the following scenario: A manager at a 2nd hand car dealership wants to keep track of the amount (in Rands) of commission paid to the sales people. You must take the following into consideration: • There may be more than one salesperson (each salesperson has a unique employee code)– input the employee code. An employee code of zero (0) terminates the program. • The salesperson’s commission is based on their sales (in Rands) in the past month- input the sales for each salesperson. • Calculate the total car sales (in Rands). • Calculate a salesperson’s commission (in Rands). Commission is based on the following table: Total value of cars sold Percentage commission earned Less than or equal to R500 000 10% More than R500 000 15% • Calculate the total commission the manager must pay to all of the salespeople. • Display a report for the manager in the following format: Employee Code: 2 Sales: R400000 Commission: R40000 Employee Code: 4 Sales: R650000…arrow_forwardLoan negotiation is usually not a straightforward task. A type of loan is the discount installment loan. This type of loan has the following characteristics. Supposing a loan has face value of GHC 1000, interest is 13% and the duration is 24 months. The interest is compounded by multiplying the face value by 0.13 to produce GHC 130. The figure (130) is then multiplied by the loan period of 2 years to give GHC 260 as the total interest owed. This amount is immediately deducted from the face value leaving the customer with only GHC 740. Repayment is then made in monthly equal installments based on the face value. This means that the monthly payment will be GHC 1000 divided by 24 which is approximately 41.67. This method of calculating the monthly repayment is not too bad if the consumer needs only GHC 760 but the calculation is a bit complicated if the consumer needs GHC 1000. a. Write a program that will take 3 inputs 1. The amount the consumer needs 2. The interest rate 3. The duration…arrow_forward
- C++ Programming: From Problem Analysis to Program...Computer ScienceISBN:9781337102087Author:D. S. MalikPublisher:Cengage Learning