Sanchez Construction Loan Co. make loans of up to R100, 000 for construction projects. There rea two categories of Loans – those to business and those to individual applications. Write an application that tracks all new construction loans. The application must also calculate the total amount owed at the due date (original loan amount + loan fee). The application should include the following classes:Loan: An abstract class that implements the LoanConstants interface. A Loan includes a loan number, customer last name, amount of loan, interest rate, and term. The construct requires data for each field except interest rate. Do not allow loan amount over 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: An interface class, LoanConstants include constant values for short-term (1 year), medium-term (3 year), and long-term (5 years) loans. It also contains constants for the company name and maximum loan amount. BusinessLoan: A class that extends Loan. The BusinessLoan constructor sets the interest rate to 1 % over the current prime interest rate. PersonalLoan: A class that extends Loan. The PersonalLoan constructor sets the interest rate to 2 % over the current prime interest rate. CreateLoans: An application that creates an array of fiveLoans. Prompt the user for the current prime rate interest. Then, in a loop, prompt the user for a loan type and all relevant information for the loan. Store the created Loan objects in the array. When data entry is completed, display all the loans.Save files as Loan.java, LoanConstants.java, BusinessLoan.java, PersonalLoan.java and CreateLoans.java

Answered: Sanchez Construction Loan Co. make…

Microsoft Visual C#

7th Edition

ISBN:9781337102100

Author:Joyce, Farrell.

Publisher:Joyce, Farrell.

Chapter10: Introduction To Inheritance

Section: Chapter Questions

Problem 17RQ

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Sanchez Construction Loan Co. make loans of up to R100, 000 for construction projects. There rea two categories of Loans – those to business and those to individual applications. Write an application that tracks all new construction loans. The application must also calculate the total amount owed at the due date (original loan amount + loan fee). The application should include the following classes:

Loan: An abstract class that implements the LoanConstants interface. A Loan includes a loan number, customer last name, amount of loan, interest rate, and term. The construct requires data for each field except interest rate. Do not allow loan amount over 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: An interface class, LoanConstants include constant values for short-term (1 year), medium-term (3 year), and long-term (5 years) loans. It also contains constants for the company name and maximum loan amount.

BusinessLoan: A class that extends Loan. The BusinessLoan constructor sets the interest rate to 1 % over the current prime interest rate.

PersonalLoan: A class that extends Loan. The PersonalLoan constructor sets the interest rate to 2 % over the current prime interest rate.

CreateLoans: An application that creates an array of fiveLoans. Prompt the user for the current prime rate interest. Then, in a loop, prompt the user for a loan type and all relevant information for the loan. Store the created Loan objects in the array. When data entry is completed, display all the loans.

Save files as Loan.java, LoanConstants.java, BusinessLoan.java, PersonalLoan.java and CreateLoans.java

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