1. Write a SQL function that accepts a principal mortgage amount, an annual percentage rate (APR), and the number of years a mortgage will be paid back over. Calculate the associated monthly mortgage payment according to the following annuity formula: ? = ?( ? + (? /((1+?)^? ( −1 )) where: A = Monthly Payment Amount P = Principle (Initial) Mortgage Amount i = APR / 12 = Monthly Interest Rate n = years * 12 = Total Number of Payments Be sure to specify that data types of the input arguments have enough significant digits to account for realistic mortgage amounts (as large as in the millions of dollars) and APRs (down to the sixth decimal place will be sufficient). Problems:1. Write a SQL function that accepts a principal mortgage amount, an annual percentagerate (APR), and the number of years a mortgage will be paid back over. Calculate theassociated monthly mortgage payment according to the following annuity formula:A= P(1+1)" –1where:A = Monthly Payment AmountP= Principle (Initial) Mortgage Amounti= APR / 12 = Monthly Interest Raten = years * 12 = Total Number of PaymentsBe sure to specify that data types of the input arguments have enough significant digits toaccount for realistic mortgage amounts (as large as in the millions of dollars) and APRS(down to the sixth decimal place will be sufficient).

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Answered: 1. Write a SQL function that accepts a…

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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1. Write a SQL function that accepts a principal mortgage amount, an annual percentage rate (APR), and the number of years a mortgage will be paid back over. Calculate the associated monthly mortgage payment according to the following annuity formula: ? = ?( ? + (? /((1+?)^? ( −1 )) where: A = Monthly Payment Amount P = Principle (Initial) Mortgage Amount i = APR / 12 = Monthly Interest Rate n = years * 12 = Total Number of Payments Be sure to specify that data types of the input arguments have enough significant digits to account for realistic mortgage amounts (as large as in the millions of dollars) and APRs (down to the sixth decimal place will be sufficient).

Problems:
1. Write a SQL function that accepts a principal mortgage amount, an annual percentage
rate (APR), and the number of years a mortgage will be paid back over. Calculate the
associated monthly mortgage payment according to the following annuity formula:
A
= P
(1+1)" –1
where:
A = Monthly Payment Amount
P= Principle (Initial) Mortgage Amount
i= APR / 12 = Monthly Interest Rate
n = years * 12 = Total Number of Payments
Be sure to specify that data types of the input arguments have enough significant digits to
account for realistic mortgage amounts (as large as in the millions of dollars) and APRS
(down to the sixth decimal place will be sufficient).

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