solving a practice question about finishing a python equation

Question

2. You are considering buying a house and wondering what is the maximum amount of loan you can afford to borrow. Assuming the current interest rate for 30-year term loan is 3.0%, and you can afford a monthly payment of $2000, the program below starts by setting the loan to $100,000, and if it is affordable the program will increase the loan amount by $10,000, and continue until reaching the loan that is not affordable. Complete the program below to compute the maximum amount of loan you are affordable to borrow.

affordablePayment=2000

rate=.03 term=30

loan=100000

continueFlag=True

while continueFlag:

print('Maximum amount of loan I can afford is: ${:,.2f}'.format(loan))

Answer 1

P = 100000 # the starting principal :price of the house

MP=0 # the monthly payment

incr = 10000 #change this (make it smaller) to get more accurate precision

"""

prints table with the following three headers:

Prinicpal after 30 years interest monthly payment

"""

#adjust the spacing as needed

print('Principal after 30 years interest montly payment')

while (MP<2000):

AP = int(P)*(1.03)**30 # P(1.03)^30 in interest

MP = float(AP)/360 # divides by 360 payments

print(str(P) + ' ' + str(AP) + ' ' + str(MP))

P=int(P)+int(incr) #increases the price