Hello Guys, I feel that my question may have a simple answer but I am simply not seeing it. For problem #2 in problem set #1, I have a general idea of what I am going to do code wise. However, I cannot for the life of me figure out the minimum monthly payment, is there a formula that I missed? I found no help on google so I figured I'd ask here.

Question

anonymous · Answer

You must have nested loops.

Inner loop, you will calculate new balance with interest and substract minimum monthly payment from new balance and you will do this for maximum 12 months. If you are able to pay all debt off with that monthly payment or you pass 12 months over, loop should stop executing.

Outer loop, you have to increase your minimum monthly payment while you still have debt.

anonymous · Answer

Oh ok, so we have to make a loop that guesses the minimum monthly payment. Thanks for your answer.