Loan Account Class: Create class LoanAccount. Use a static variable annuallnterestRate to store the annual interest rate for all account holders. Each object of the class contains a private instance variable principle indicating the amount the person is borrowing. Provide method: public double calculateMonthlyPayment(int numberOfPayments) to calculate the monthly payment by using the following formula: double monthlyPayment = principle * ( monthlylnterest / (1 - Math.pow(1 + monthlylnterest, - numberOfPayments)); where monthly interest = annuallnterestRate/12. Provide a static method setAnnuallnterestRate that sets the annuallnterestRate to a new value. Set the initial loan amount (Principle) for a new loan through the constructor. Write a program to test class LoanAccount. Instantiate two LoanAccount objects, loan1 and loan2, with principle loan amounts of $5000.00 and $31000.00, respectively. Set annuallnterestRate to 1%, then calculate the monthly payment for each loan for 36 months, 60 months, and 72 months and print the monthly payment amounts for both loans. Next, set the annuallnterestRate to 5%, and output the same information again. Make sure your dollar amounts are displayed to two decimal places. Put the code to test the class in the main method of the LoanAccount Class. The output of your program should look like the following: Monthly payments for loanl of $5000.00 and loan2 $31000.00 for 3, 5, and € year loans at 1 interest. Loan 3 years 5 years 6 years Loanl 141.04 85.47 71.58 Loan2 874.45 529.91 443.78 I Monthly payments for loanl of $5000.00 and loan2 $31000.00 for 3, 5, and € year loans at 54 interest. Loan 3 years 5 years 6 years Loanl 149.85 94.36 80.52 Loan2 929.10 585.01 499.25
Loan Account Class: Create class LoanAccount. Use a static variable annuallnterestRate to store the annual interest rate for all account holders. Each object of the class contains a private instance variable principle indicating the amount the person is borrowing. Provide method: public double calculateMonthlyPayment(int numberOfPayments) to calculate the monthly payment by using the following formula: double monthlyPayment = principle * ( monthlylnterest / (1 - Math.pow(1 + monthlylnterest, - numberOfPayments)); where monthly interest = annuallnterestRate/12. Provide a static method setAnnuallnterestRate that sets the annuallnterestRate to a new value. Set the initial loan amount (Principle) for a new loan through the constructor. Write a program to test class LoanAccount. Instantiate two LoanAccount objects, loan1 and loan2, with principle loan amounts of $5000.00 and $31000.00, respectively. Set annuallnterestRate to 1%, then calculate the monthly payment for each loan for 36 months, 60 months, and 72 months and print the monthly payment amounts for both loans. Next, set the annuallnterestRate to 5%, and output the same information again. Make sure your dollar amounts are displayed to two decimal places. Put the code to test the class in the main method of the LoanAccount Class. The output of your program should look like the following: Monthly payments for loanl of $5000.00 and loan2 $31000.00 for 3, 5, and € year loans at 1 interest. Loan 3 years 5 years 6 years Loanl 141.04 85.47 71.58 Loan2 874.45 529.91 443.78 I Monthly payments for loanl of $5000.00 and loan2 $31000.00 for 3, 5, and € year loans at 54 interest. Loan 3 years 5 years 6 years Loanl 149.85 94.36 80.52 Loan2 929.10 585.01 499.25
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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