Simple python code for estimating monthly mortgage repayment
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sure! here is a simple python code snippet that estimates the monthly mortgage repayment based on the loan amount, annual interest rate, and loan term in years. this code calculates the monthly payment using the formula for a fixed-rate mortgage:
\[ m = \frac{p \cdot r \cdot (1 + r)^n}{(1 + r)^n - 1} \]
where:
\( m \) is the monthly payment
\( p \) is the loan amount
\( r \) is the monthly interest rate (annual interest rate divided by 12 months)
\( n \) is the total number of payments (loan term in years multiplied by 12 months)
here is the python code example:
in this code snippet:
the `calculate_monthly_payment` function takes the loan amount, annual interest rate, and loan term in years as input parameters and calculates the monthly payment using the formula mentioned above.
the input values for the loan amount, annual interest rate, and loan term are provided.
the function is called with the input values, and the estimated monthly mortgage repayment is printed out.
you can customize the input values in the code to match your specific mortgage details and run the code to estimate the monthly repayment amount.
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