Write a program for the interest charged in installments for the following case. A cassette player costs Rs. 2000. A shopkeeper sells it for Rs. 100 down payment and Rs. 100 for 21 more months. What is the monthly interest charged?

Last Updated on 1 month ago by ICT BYTE

Write a program for the interest charged in installments for following case. A cassette
player costs Rs. 2000. A shopkeeper sells it for Rs. 100 down payment and Rs. 100
for 21 more months. What is the monthly interest charged?

principal = 2000 # Principal amount (cost of the cassette player)
down_payment = 100 # Down payment made by the customer
months = 21 # Number of monthly installments
installment_amount = 100 # Monthly installment amount

total_paid = down_payment + (months * installment_amount)

remaining_amount = principal – total_paid

monthly_interest = remaining_amount / months

print(“The monthly interest charged is: Rs.”, monthly_interest)