P1 - Loan Payment ScheduleMain 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 ScoreRatingInterest Rate Discount300 - 579Very Poor0.00580 – 669Fair0.25670 - 739Good0.50740 - 799Very Good0.75800 - 850Exceptional1.00 Use modular programming conceptsCreate a program that includes a WHILE loop to generate a payment schedule for loans that are paid in equal monthly paymentsInput the loan number and retrieve required loan account from MS_LOANS tableOutput is shown belowMonthly 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 rateBalance is previous balance plus monthly interest minus monthly paymentMake sure to handle the final paymentCalculate the number of years and months to pay loanInclude exception handling including the WHEN OTHERS exception handler to trap all errors

Answered: h credit score leve

7th Edition

ISBN:9780133594140

Author:James Kurose, Keith Ross

Publisher:James Kurose, Keith Ross

Chapter1: Computer Networks And The Internet

Section: Chapter Questions

Problem R1RQ: What is the difference between a host and an end system? List several different types of end...

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P1 - Loan Payment Schedule

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

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