Main Street Bank is offering an annual interest rate discount based on the client’s credit score. The discount for each credit score level is provided in the table below. The lowest credit score is 300 while the highest credit score is 850. For example, the new interest rate for a client with a credit score of 755 and a current interest rate of 4.25% would be 4.25 – 0.75 = 3.50% interest rate Credit Score Rating Interest Rate Discount 300 - 579 Very Poor 0.00 580 – 669 Fair 0.25 670 - 739 Good 0.50 740 - 799 Very Good 0.75 800 - 850 Exceptional 1.00 Use modular programming concepts Create a program that includes a WHILE loop to generate a payment schedule for loans that are paid in equal monthly payments Input the loan number and retrieve required loan account from MS_LOANS table Output is shown below Monthly interest is calculated by dividing the yearly interest rate by 12 to get a monthly interest rate. Then, divide the monthly interest rate by 100 to get a percent monthly interest rate Balance is previous balance plus monthly interest minus monthly payment Make sure to handle the final payment Calculate the number of years and months to pay loan Include exception handling including the WHEN OTHERS exception handler to trap all errors

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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Main Street Bank is offering an annual interest rate discount based on the client’s credit score. The discount for each credit score level is provided in the table below. The lowest credit score is 300 while the highest credit score is 850. For example, the new interest rate for a client with a credit score of 755 and a current interest rate of 4.25% would be 4.25 – 0.75 = 3.50% interest rate

Credit Score	Rating	Interest Rate Discount
300 - 579	Very Poor	0.00
580 – 669	Fair	0.25
670 - 739	Good	0.50
740 - 799	Very Good	0.75
800 - 850	Exceptional	1.00

Use modular programming concepts
Create a program that includes a WHILE loop to generate a payment schedule for loans that are paid in equal monthly payments
Input the loan number and retrieve required loan account from MS_LOANS table
Output is shown below
Monthly interest is calculated by dividing the yearly interest rate by 12 to get a monthly interest rate. Then, divide the monthly interest rate by 100 to get a percent monthly interest rate
Balance is previous balance plus monthly interest minus monthly payment
Make sure to handle the final payment
Calculate the number of years and months to pay loan
Include exception handling including the WHEN OTHERS exception handler to trap all errors

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