(Solved Homework): PYTHON CODE ONLY! Given the following assumptions: 1. Call the cost of your dream home total_cost​.

PYTHON CODE ONLY!

Given the following assumptions:

1. Call the cost of your dream home total_cost​.

2. Call the portion of the cost needed for a down payment portion_down_payment​. For simplicity, assume that portion_down_payment = 0.25 (25%).

3. Call the amount that you have saved thus far current_savings​. You start with a current savings of $0.

4. Assume that you invest your current savings wisely, with an annual return of r ​(in other words, at the end of each month, you receive an additional current_savings*r/12​ funds to put into your savings – the 12 is because r​ is an annual rate). Assume that your investments earn a return of r = 0.04 (4%).

5. Assume your annual salary is annual_salary​.

6. Assume you are going to dedicate a certain amount of your salary each month to saving for the down payment. Call that portion_saved​. This variable should be in decimal form (i.e. 0.1 for 10%).

7. At the end of each month, your savings will be increased by the return on your investment, plus a percentage of your monthly salary ​(annual salary / 12).

Write a program to calculate how many months it will take you to save up enough money for a down payment. You will want your main variables to be floats, so you should cast user inputs to floats. Your program should ask the user to enter the following variables:

1. The starting annual salary (annual_salary)

2. The portion of salary to be saved (portion_saved)

3. The cost of your dream home (total_cost)

Expert Answer

 PROGRAM:-

total_cost = float(input(‘Total cost of your DREAM HOUSE : ‘))

portion_saved = float(input(‘Your monthly salary savings (PORTION_SAVED) : ‘))

annual_salary = float(input(‘Your annual salary : ‘))

portion_down_payment = 0.25*total_cost

current_saving = 0.0

r = 0.04 # 4% of rate
month = 0

# For each month current_saving += (r/12*current_saving + portion_saved)

while True:
month += 1 # For counting passing of months
current_saving += (current_saving * r/12 + portion_saved) # increase in current savings each month
if current_saving >= portion_down_payment: # Check if saving is enough for down payment
break # Breaks the forever going WHILE loop if savings are enough

print(“It will take you {0} months to make a down payment of ${1}n by saving ${2}”.format(month, portion_down_payment, current_saving))

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