Here it is with more description and parentheses.

gistfile1.txt

outbal= float(raw_input('enter the outstanding balance on your credit card:'))
annualrate= float(round(raw_input('Enter the annual credit card interest rate as a decimal:')), 2)
monthlyrate= round(annualrate/year, 2)
month=1
x = 1
while (remainder > 0):
    while (month <= 12):
        initialmonthlyballance = round(float(((annualrate /12)*outbal)+outbal, 2)
        remainder = round(float(initialmonthlyballance - x10))
        print "Outbal minus payment equals:" remainder
    if (y >= 0):
        month = month + 1
        outbal = remainder
if (remainder > 0):
    x = x + 1
Else:
    if (y <= 0):
        print 'Monthly payment to pay off debt in 1 year:', a
        print 'number of months needed:', month
        print 'Balance:' b