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).
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).
You must name your function: __monthlyPayment Where is your last name and is the day of the month you were born. This naming convention is merely meant to make the grading process easier, so that all of the functions, procedures, and triggers have unique names.
How would I invoke this function? Below is an example of my function invocation (call), where I am calculating the monthly payment for a mortgage with a principal amount of $250,000, an APR of 4.125%, and a loan duration of 30 years:
Be sure to follow the same format that I have used for specifying the input parameters;
namely, an APR of 4.125% should be specified as 0.04125.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
