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Determine the total amount of the loan based on the following parameters.
Python Input Statements
You are considering buying a condominium in the Tidewater Condominium Complex and have decided to estimate the total costs involved in applying for a loan. Since there are several models to chose from, you would like the program to be able to calculate the amount of the loan that would be needed based on various base prices and upgrades.
To assist you with this task, your program should allow the user to enter the base price and upgrades involved in purchasing a condominium. The program will then determine the total amount of the loan needed with the additional charges and taxes added.
Name your project and program file CondoCost.py
Before creating the program, be sure to read through the entire assignment and plan out your logic. Take note of the calculations and keep in mind that programs run sequentially!
Determine the total amount of the loan based on the following parameters. Display the results of all the calculations along with the total loan amount. All output should be neatly displayed and formatted to 2 decimal places.
- Base price of the condo– entered by user
- Cost of the Additional upgrades – entered by user
- Current Interest rate – determined by the programmer
- Title insurance – 3% of the total cost of the loan
- Loan application fee – standard fee of $250
- Condo Association Dues – $375/month; quarterly payment required
- Escrow taxes – 1.7% of the base price and upgrades
Keep the following points in mind when creating your program:
- All values should be assigned to variables where possible.
- Calculations should include variables where applicable and be performed by the computer (not you)
- Variable names should be descriptive.
- Code should contain whitespace.
- each calculation should be displayed and labeled.
- All numeric output should be well labeled and formatted to 2 decimal places
- Add a comment to the top of your program that includes your name, the program name, and a description of the program code.
- Include comments throughout your program code explaining what the program is doing.
- Desk check your calculations for accuracy.