Stack Overflow Asked by Kat on December 14, 2020
My goal is to find the total sum of the loan after five years, and also how much to pay each year.
My code so far:
years = 5
loan = 50000
interest = 0.05
for year in range(years):
loan += loan * interest
print(loan)
And is this the right way to find the annual payment per year?
sum = loan / years + loan * interest
If you don't want to do the calculations yourself, you could make use of numpy.
>>> import numpy as np
>>> np.pmt(.05,5,-50000)
11548.739906413395
The above gives the annual payment.
So, for the first year, the amount of principal and interest paid would be:
interest = 50000*.05
principal_paid = 11548.74 - interest
Here is a small program that does that.
import numpy as np
interest = .05
principal = 50000
years = 5
annual_pay = np.pmt(interest,years,-principal)
print('{}{:>10}{:>10}{:>10}'.format('year','interest','retired', 'balance'))
for yr in range(1,6):
i = interest * principal
retired_prin = annual_pay - i
principal = principal - retired_prin
print('{:>4}{:>10.2f}{:>10.2f}{:>10.2f}'
.format(yr, i, retired_prin, principal))
This prints:
year interest retired balance
1 2500.00 9048.74 40951.26
2 2047.56 9501.18 31450.08
3 1572.50 9976.24 21473.85
4 1073.69 10475.05 10998.80
5 549.94 10998.80 -0.00
Correct answer by Chris Charley on December 14, 2020
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