## Monthly Interest Rate

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### Monthly Interest Rate

This is the problem I am working with.

Formatting investment data. The function moInterest() calculates the amount of interest paid in one month on a loan at a certain interest rate. Print a labelled return value from one call of moInterest() using the following output format, including the indicated number of digits after the decimal points:
Code: Select all
`The monthly interest due on a loan with remaining principal \$842.57 at an annual interest rate of 7.8% is \$5.48.`

The code I have right now is:
Code: Select all
`def mointerest(princip,intrate):    interest = float(intrate/100)    final = interest * princip    print("The monthly interest due on a loan with remaining principal \$", princip, "at an annual interest rate of ", intrate, "% is \$", final)mointerest(842.57, .78)`

Unfortunately, I keep ending up with \$6.57, where it should be \$5.48. Any ideas on what I'm doing wrong? Thanks for the help.
Last edited by Mekire on Fri Apr 04, 2014 4:50 am, edited 2 times in total.
Reason: First post lock; code tags.
bridgetroche

Posts: 1
Joined: Fri Apr 04, 2014 4:44 am

### Re: Monthly Interest Rate

So you got a few numbers wrong. The interest rate is 7.8%, not 0.78%. Also that is the anual interest rate; you are looking for the monthly interest payment. I imagine you need a 12 somewhere.

Take another shot.
-Mek
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Mekire

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Joined: Thu Feb 07, 2013 11:33 pm
Location: Tucson, Arizona