Build a loan calculator subroutine that will display the total amount paid (interest and principal over the life of a loan. Make this interactive so that the user will be prompted for: The loan Amount The number of Years • The frequency (number of payments per year) • The interest Rate (APR) Set your default loan amount to $30,000 Set the default term to 3 years Set the default frequency to 4 payments per year Set your default interest rate to 8% APR In a message box, output the interest portion of each payment. Hints: . You will need 4 input boxes. You can solve mathematically or utilize the Excel function IPMT to calculate the intere portion of the payment each period. You should calculate and display each payment's interest portion using a loop. • To display all the interest payments in one message box, you can create a variable to ho the loop contents (all the interest payments). • Chr(13) is the syntax for carriage return (new line). This is helpful to display each interest payment on a new line inside the message box. To check your result, you can determine the total loan payments and subtract the loan amount (principal).

Build a loan calculator subroutine that will display the total amount paid (interest and principal over the life of a loan. Make this interactive so that the user will be prompted for: The loan Amount The number of Years • The frequency (number of payments per year) • The interest Rate (APR) Set your default loan amount to $30,000 Set the default term to 3 years Set the default frequency to 4 payments per year Set your default interest rate to 8% APR In a message box, output the interest portion of each payment. Hints: . You will need 4 input boxes. You can solve mathematically or utilize the Excel function IPMT to calculate the intere portion of the payment each period. You should calculate and display each payment's interest portion using a loop. • To display all the interest payments in one message box, you can create a variable to ho the loop contents (all the interest payments). • Chr(13) is the syntax for carriage return (new line). This is helpful to display each interest payment on a new line inside the message box. To check your result, you can determine the total loan payments and subtract the loan amount (principal).

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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Question

Build a loan calculator subroutine that will display the total amount paid (interest and principal)
over the life of a loan. Make this interactive so that the user will be prompted for:
• The loan Amount
• The number of Years
•
The frequency (number of payments per year)
The interest Rate (APR)
Set your default loan amount to $30,000
Set the default term to 3 years
Set the default frequency to 4 payments per year
Set your default interest rate to 8% APR
In a message box, output the interest portion of each payment.
Hints:
.
•
You will need 4 input boxes.
You can solve mathematically or utilize the Excel function IPMT to calculate the interes
portion of the payment each period. You should calculate and display each payment's
interest portion using a loop.
•
To display all the interest payments in one message box, you can create a variable to hold
the loop contents (all the interest payments).
•
Chr(13) is the syntax for carriage return (new line). This is helpful to display each
interest payment on a new line inside the message box.
To check your result, you can determine the total loan payments and subtract the loan amount
(principal).

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