Problem Set 1, Question 2:

balance = float(raw_input("Enter initial credit card balance: "))
annualInterestRate = float(raw_input("Enter annual interest rate: "))

annualInterest = balance * annualInterestRate
minMonthlyPayment = (balance + annualInterest) / 12.0)

# Monthly Interest Rate
monthlyInterestRate = annualInterestRate / 12.0

# Number of Months needed to pay off balance
numMonths = 0

while balance 0:
balance = balance - minMonthlyPayment + (monthlyInterestRate * balance)
numMonths += 1

print "Monthly Payment to pay off debt in 1 year: $", minMonthlyPay

Question

Problem Set 1, Question 2:

balance = float(raw_input("Enter initial credit card balance: "))
annualInterestRate = float(raw_input("Enter annual interest rate: "))

annualInterest = balance * annualInterestRate
minMonthlyPayment = (balance + annualInterest) / 12.0)

# Monthly Interest Rate
monthlyInterestRate = annualInterestRate / 12.0

# Number of Months needed to pay off balance
numMonths = 0

while balance > 0:
    balance = balance - minMonthlyPayment + (monthlyInterestRate * balance)
    numMonths += 1

print "Monthly Payment to pay off debt in 1 year: $", minMonthlyPay

anonymous · Answer

As far as I can tell from the question you need to increment through monthly payments +=10 until you find the lowest that can be paid each month so as the debt will be cleared within a year.  I don't see that in your code.  

You should test this with the same figures that are in the test cases and compare results.