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
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
Operations Research : Applications and Algorithms
4th Edition
ISBN:9780534380588
Author:Wayne L. Winston
Publisher:Wayne L. Winston
Chapter20: Queuing Theory
Section: Chapter Questions
Problem 17RP
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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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