Rayners College London Current Balance of Loan Python Program Project Please make it as simple as possible so i can understand and follow the steps. Th

Rayners College London Current Balance of Loan Python Program Project Please make it as simple as possible so i can understand and follow the steps.

This is activity is to be solved on your own or with your pair programming partner. If you work with a partner, only in person upload the program indicating the names of the team members in the “Comment” box in the submission.

This activity is graded 0 (not submitted)/100(submitted). Evidence of substantial work is required to earn credit.

Create a python script (program) based on the narrative below.

Name your file A09_Last name. For instance, my file would be named A09_Huerta

Points will be deducted if you submit a file with an incorrect file name.

Upload your python file.

Narrative

The program calculates current balance of a loan and the interest to be paid for a given period. The user inputs the amount of the loan, the annual interest rate, the number of years to repay the loan, and the desired period through the keyboard. The program calculates the fixed monthly payment, the balance of the loan at the beginning of the period, the amount of interest for the chosen period, and the balance of the loan at the end of the period, and reports the results on the screen.

The program must use only formulas. You can review the formulas to calculate the balance of a loan at the beginning of a given period in Wikipedia (Links to an external site.)

Input: loan amount, annual interest rate, number of years to repay, chosen period (keyboard)

Output: fixed monthly payment, beginning balance, interest for the period, ending balance (screen).

For instance, when the user inputs a loan amount of 10,000, an interest rate of .1, a number of years to repay the loan of 4, and a desired period of 14, the execution of the program should be similar to the image below.