Exercise

Calculating the payment amount

Another real-life problem you might encounter is how much money you need to save each month to hit a financial target within a set time.

You saw earlier that to pay off a mortgage of USD 275,000 in ten years with an annual interest rate of 3.5% compounded monthly, you needed to pay USD 2,719 per month.

If, instead, you wanted to take twenty years to pay off the mortgage, calculate how much you would need to pay per month now.

Instructions

100 XP

Import the numpy_financialpackage using the alias npf.
Use the npf.pmt() function to calculate the required monthly payment and save this to required_return.
Print the result.