Sanchez Construction Loan Co. makes loans of up to R100,000 for construction projects. There are two categories of Loans—those to businesses and those to individual applicants. Write an application that tracks all new construction loans. The application also must calculate the total amount owed at the due date (original loan amount + loan fee). The application should include the following classes:
Sanchez Construction Loan Co. makes loans of up to R100,000 for construction projects. There are
two categories of Loans—those to businesses and those to individual applicants. Write an
application that tracks all new construction loans. The application also must calculate the total
amount owed at the due date (original loan amount + loan fee). The application should include
the following classes:
•• Loan—A public abstract class that implements the LoanConstants interface. A Loan includes a
loan number, customer last name, amount of loan, interest rate, and term. The constructor requires
data for each of the fields except interest rate. Do not allow loan amounts greater than R100,000.
Force any loan term that is not one of the three defined in the LoanConstants class to a short-term,
1-year loan. Create a toString() method that displays all the loan data.
•• LoanConstants—A public interface class. LoanConstants includes constant values for short term
(1 year), medium-term (3 years), and long-term (5 years) loans. It also contains constants for the
company name and the maximum loan amount.
•• BusinessLoan—A public class that extends Loan. The BusinessLoan constructor sets the interest
rate to 1% more than the current prime interest rate.
•• PersonalLoan—A public class that extends Loan. The PersonalLoan constructor sets the interest
rate to 2% more than the current prime interest rate.
•• CreateLoans—An application that creates an array of five Loans. Prompt the user for the current
prime interest rate. Then, in a loop, prompt the user for a loan type and all relevant information for
that loan. Store the created Loan objects in the array. When data entry is complete, display all the
loans.
Save the files as Loan.java, LoanConstants.java, BusinessLoan.java, PersonalLoan.java, and
CreateLoans.java.
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