(Nov-02-2020, 12:34 AM)stevemike Wrote: Create variables named i and n to store the interest rate rate and the number of monthly payments. These
values will remain constant throughout this problem.
2. Create a variable name start and set it equal to 100,000. Create another variable named increment and set
it equal to 10,000.
3. Use a loop to perform the tasks below for each of the house prices that we wish to consider. Note that since we
are using i to denote the interest rate, you will need to select a different name for the loop counter.
• Calculate the new loan amount that person took from Link Removed to be considered, storing the result in a variable.
• Calculate the require monthly payment for this loan amount, rounded to 2 decimal places.
• Print the result in the format shown below. Match the format exactly, including the inclusion of the
period at the end of the sentence. There should be no spaces following the dollar signs.

I can not for the life of me figure this out. relooping with increments

# Step 1: Create variables for interest rate and number of monthly payments
i = 0.05  # Example interest rate (5%)
n = 30    # Example number of monthly payments (30 years)

# Step 2: Create variables for starting loan amount and increment
start = 100000
increment = 10000

# Step 3: Use a loop to perform the required tasks
for house_price in range(start, start + 6 * increment, increment):
    # Calculate new loan amount
    loan_amount = house_price * 0.8  # Assuming an 80% loan-to-value ratio

    # Calculate monthly payment using the formula for a fixed-rate mortgage
    monthly_interest_rate = i / 12
    monthly_payments = loan_amount * (monthly_interest_rate * (1 + monthly_interest_rate)**(n*12)) / ((1 + monthly_interest_rate)**(n*12) - 1)
    monthly_payments = round(monthly_payments, 2)

    # Print the result in the specified format
    print(f"For a house price of ${house_price:,.2f}, the monthly payment is ${monthly_payments:,.2f}.")