# loan calculator

Page 1 of 1

## 4 Replies - 4165 Views - Last Post: 11 September 2009 - 11:41 PMRate Topic: //<![CDATA[ rating = new ipb.rating( 'topic_rate_', { url: 'http://www.dreamincode.net/forums/index.php?app=forums&module=ajax&section=topics&do=rateTopic&t=125301&amp;s=6aee61c40309098f97ff13c54c3d830a&md5check=' + ipb.vars['secure_hash'], cur_rating: 0, rated: 0, allow_rate: 0, multi_rate: 1, show_rate_text: true } ); //]]>

### #1 rapstar492

Reputation: 0
• Posts: 2
• Joined: 11-September 09

# loan calculator

Posted 11 September 2009 - 08:15 PM

Sales representatives at Cool Cars Company (CCC) are often asked to make quick estimations of
monthly payments for customers who may take out a loan for an automobile purchase. They would like
an easy-to-use application that calculates monthly payments based on the loan amount, interest rate, and
length of loan.
A monthly payment is calculated as follows:
( *(1 ) ^ )
/((1 ) ^ 1)*
MonthlyPayment InterestRate InterestRate NumberofPayments
InterestRate NumberofPayments LoanAmount
= +
+ −
• The InterestRate is a monthly interest rate (annual rate/12)
• The NumberofPayments is the number of years for the loan * 12
1. Sales representatives are accustomed to the following terminology:
Loan Amount, Current Interest Rate, Monthly Payment and Credit Rating.
2. The application should allow the user to enter values for the loan amount, current interest rate
(yearly rate), and length of loan in years so the monthly payment can be computed.
3. The general loan program only allows loans to be 2 years, 5 years, or 6 years.
4. The interest rate given to a customer must vary based on the customer’s credit rating. Credit
rating for a customer is scored on a scale from A-Excellent through E-Low. A ceiling is also
placed on the maximum loan allowed to customers with low credit.
The user should be forced to enter the rating for the customer. Depending on the credit rating, the
interest rate is adjusted for the loan. The following credit ratings are used to classify the credit
rating of customers.
A – Excellent - Interest rate should be Current interest rate
B – Good – Interest rate should be Current interest rate * 1.1
C – Average – Interest rate should be Current interest rate * 1.15
D – Poor – Interest rate should be Current interest rate * 1.17
E – Low – Interest rate should be Current interest rate * 1.25
5. Users can obtain loans for a minimum amount of \$0 and a maximum of \$25,000 inclusive. The
maximum loan that can be given to a customer with a Low credit rating is \$5000.
6. The application should allow the user to reset the values for Loans amount and Monthly payment
to zero (0) so that another calculation can be performed. Years in loan should be set to 5, which
is the most common length of a loan. Current interest rate should be reset to 5.0% because
interest rates do not go below this in the general loan program and credit rating to C-Average as
most customers fall in this category.
7. The computation should be designated by the term, Compute Payment. The reset of the values
should be designated by the term Reset.

for obvious code, but segments of code which seem complex. Also include your name, student id#,
tutorial group as comments at the beginning of your source file. It is recommended you program this
application in Sharp Develop Version 2.2 IDE, but if using Visual Studio.NET IDE (available from your

i am encountering a problem

Is This A Good Question/Topic? 0

## Replies To: loan calculator

### #2 PsychoCoder

Reputation: 1659
• Posts: 19,853
• Joined: 26-July 07

## Re: loan calculator

Posted 11 September 2009 - 09:08 PM

Dream.In.Code has a policy by which we prefer to see a good faith effort on your part before providing source code for homework assignments. Please post the code you have written in an effort to resolve the problem, and our members would be happy to provide some guidance. Be sure to include a description of any errors you are encountering as well.

Thanks.

### #3 firebolt

• D.I.C Lover

Reputation: 93
• Posts: 5,561
• Joined: 20-February 09

## Re: loan calculator

Posted 11 September 2009 - 09:52 PM

Just modify this one to get a loan calculator: http://www.dreaminco...wtopic32951.htm

Since you have stated "Note: In all your program constructs you must write comments where necessary.", you make it sound like a Post a Job question.

### #4 rapstar492

Reputation: 0
• Posts: 2
• Joined: 11-September 09

## Re: loan calculator

Posted 11 September 2009 - 11:09 PM

rapstar492, on 11 Sep, 2009 - 07:15 PM, said:

Sales representatives at Cool Cars Company (CCC) are often asked to make quick estimations of
monthly payments for customers who may take out a loan for an automobile purchase. They would like
an easy-to-use application that calculates monthly payments based on the loan amount, interest rate, and
length of loan.
A monthly payment is calculated as follows:
( *(1 ) ^ )
/((1 ) ^ 1)*
MonthlyPayment InterestRate InterestRate NumberofPayments
InterestRate NumberofPayments LoanAmount
= +
+ −
• The InterestRate is a monthly interest rate (annual rate/12)
• The NumberofPayments is the number of years for the loan * 12
1. Sales representatives are accustomed to the following terminology:
Loan Amount, Current Interest Rate, Monthly Payment and Credit Rating.
2. The application should allow the user to enter values for the loan amount, current interest rate
(yearly rate), and length of loan in years so the monthly payment can be computed.
3. The general loan program only allows loans to be 2 years, 5 years, or 6 years.
4. The interest rate given to a customer must vary based on the customer’s credit rating. Credit
rating for a customer is scored on a scale from A-Excellent through E-Low. A ceiling is also
placed on the maximum loan allowed to customers with low credit.
The user should be forced to enter the rating for the customer. Depending on the credit rating, the
interest rate is adjusted for the loan. The following credit ratings are used to classify the credit
rating of customers.
A – Excellent - Interest rate should be Current interest rate
B – Good – Interest rate should be Current interest rate * 1.1
C – Average – Interest rate should be Current interest rate * 1.15
D – Poor – Interest rate should be Current interest rate * 1.17
E – Low – Interest rate should be Current interest rate * 1.25
5. Users can obtain loans for a minimum amount of \$0 and a maximum of \$25,000 inclusive. The
maximum loan that can be given to a customer with a Low credit rating is \$5000.
6. The application should allow the user to reset the values for Loans amount and Monthly payment
to zero (0) so that another calculation can be performed. Years in loan should be set to 5, which
is the most common length of a loan. Current interest rate should be reset to 5.0% because
interest rates do not go below this in the general loan program and credit rating to C-Average as
most customers fall in this category.
7. The computation should be designated by the term, Compute Payment. The reset of the values
should be designated by the term Reset.

for obvious code, but segments of code which seem complex. Also include your name, student id#,
tutorial group as comments at the beginning of your source file. It is recommended you program this
application in Sharp Develop Version 2.2 IDE, but if using Visual Studio.NET IDE (available from your

i am encountering a problem

i have problem only with the credit rating "e"

### #5 firebolt

• D.I.C Lover

Reputation: 93
• Posts: 5,561
• Joined: 20-February 09

## Re: loan calculator

Posted 11 September 2009 - 11:41 PM

Well, we need to see the code, to know what the problem is, otherwise, how do we know what is the problem?