Write the service and controller level code to for a user can pay on a loan not exceeding the loan amount and create a loan upon loan creation simple interest will be used to calculate the amount of each loan payment. Use Spring boot from an h2 database See the simple interest section in the appendix for how this should be done. A user will be able to make a loan payment. A user can never increase a loan amount (make a negative payment) Principal loan amount x Interest rate x Time (aka Number of years in term) = Interest For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula works as follows: $20,000 x .05 x 5 = $5,000 in interest Add the interest to the original loan amount and then divide by the number of mont hs in the loan to get the loan payment amount. users id: 1 first_name: John last_name: Doe email: jdoe@example.com password: test123 -------------------------------------------------------------- and accounts will have accounts id: 1 user_id: 1 name: checking name: checking account_type: 1 and account types will have account_types Id:1 type_name: checking Id:2 type_name: savings id: 3 type_name: loan id: 4 type_name: credit card
Write the service and controller level code to for a user can pay on a loan not exceeding the loan amount and create a loan upon loan creation simple interest will be used to calculate the amount of each loan payment. Use Spring boot from an h2
See the simple interest section in the appendix for how this should be done.
A user will be able to make a loan payment.
A user can never increase a loan amount (make a negative payment)
Principal loan amount x Interest rate x Time (aka Number of years in term) = Interest
For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula works as follows:
$20,000 x .05 x 5 = $5,000 in interest
Add the interest to the original loan amount and then divide by the number of mont hs in the loan to get the loan payment amount.
users
id: 1
first_name: John last_name: Doe
email: jdoe@example.com password: test123
--------------------------------------------------------------
and accounts will have
accounts
id: 1
user_id: 1 name: checking
name: checking
account_type: 1
and account types will have
account_types
Id:1
type_name: checking
Id:2
type_name: savings
id: 3
type_name: loan
id: 4
type_name: credit card
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