Create a Python application that will allow the user to calculate the future value of an investment. The user will enter a monthly amount, annual interest rate and number of years for the investment.
You will code a loop to calculate the future value and display the value of each month and the final value.
Some key formulas and free Python code snippets:
Note that the term is in years but we need to show the value of each month so a 5 year savings account would be 60 months.
months = years * 12
Interest rates are a percentage and entered as 3.25 (i.e., for 3.25%), 1.125, etc. This is also an annual percentage rate (APR). We need to divide this rate by 100 and then by 12 to get the monthly percentage rate.
monthlyIntRate = annualIntRate / 100 /12
The futureValue variable is an accumulator as it accumulates value as the loop executes.
futureValue = (futureValue + monthlyAmount) * (1 + monthlyRate)
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