Question

Can someone explain to me the reasoning behind "Simulate passage of time until outstanding balance is paid off" used in Problem Set 1? I think it is used specifically on problems b and c.

Answer 1

For every month, you pay off a certain amount of the debt. You can make a loop that iterates over the months, deducting the appropriate payment each month, that ends when the remaining balance is 0. That "simulates" giving a monthly payment over that period of time.