Problem Set2 Problem 2 JEP

#PROBLEM 2: PAYING DEBT OFF IN A YEAR  (15 points possible)
#Now write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 
#12 months. By a fixed monthly payment, we mean a single number which does not change each month, but instead is a constant 
#amount that will be paid each month.

#In this problem, we will not be dealing with a minimum monthly payment rate.

#The following variables contain values as described below:

balance =3329

annualInterestRate = 0.2

#The program should print out one line: the lowest monthly payment that will pay off all debt in under 1 year, for example:

lowestPayment = 0
finding = True

def payment(balance,annualInterestRate,lowestPayment):
    month = 1
    while month <= 12:
     
    #Monthly interest rate= (Annual interest rate) / 12.0
    	monthlyIntRate = annualInterestRate/12.0
    
    #Monthly unpaid balance = (Previous balance) - (Minimum monthly payment)
    	balance -= lowestPayment
    
	#Updated balance each month = (Monthly unpaid balance) + (Monthly interest rate x Monthly unpaid balance)
    	balance += (monthlyIntRate*balance)
    
    	month +=1
        
   	if balance <= 0:
   		return lowestPayment
    else:
        return False
        
while finding == True:
    if payment(balance,annualInterestRate,lowestPayment):
        finding = False
        print 'Lowest Payment:',payment(balance,annualInterestRate,lowestPayment)
    else:
        lowestPayment += 10
        payment(balance,annualInterestRate,lowestPayment)

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