Python Input String If Equals

I am using Python 3.4.3 and trying to take user input and depending on what it is equal to, do a math operation. Here is my code:

def main():
    print("---------- Loan Underwriting ----------")
    income = input("Enter applicant income: ")
    income = float(income)
    type = input("Enter type (M [Monthly], B [Bi-weekly], or W [Weekly]): ")
    type = type.upper()

    if type == 'M':
        max_payment = income // 4
    if type == 'B':
        max_payment = income // 2
    if type == 'W':
        max_payment = income
    else:
        max_payment = 0


    print("Max payment: " + str(max_payment))

If you enter the income at 1000.00 and choose monthly, it should output 250.00 however, it outputs 0. Same thing for bi-weekly, but weekly does work. What am I doing wrong?

Thank you so much.