The company offers 10-, 15-, and 30-year fixed loans. The interest rates offered to customers are based on the customer’s credit Score. Credit scores are classified into the following categories: Table 1: Credit Score Categories Range 720-850 Rating Excellent Good 690-719 Fair 630-689 Bad 300-629 The program should initially prompt the user (the loan officer) for the principle of the loan (i.e. the amount that is being borrowed). It should then ask him or her to enter the customer's credit score. Based on the customer's credit score, the program will randomly generate an interest rate based on the following ranges: Table 2: Interest Rate Assignments Rating Interest Rate Excellent 2.75% - 4.00% Good 4.01% - 6.50% Fair 6.51% - 8.75% Bad 8.76% - 10.50% The final input should be the number of years that the loan will be outstanding. Because the company only offers three different terms ( 10-, 15-, and 30-year loans), the program should ensure that no other terms are entered.
The company offers 10-, 15-, and 30-year fixed loans. The interest rates offered to customers are based on the customer’s credit Score. Credit scores are classified into the following categories: Table 1: Credit Score Categories Range 720-850 Rating Excellent Good 690-719 Fair 630-689 Bad 300-629 The program should initially prompt the user (the loan officer) for the principle of the loan (i.e. the amount that is being borrowed). It should then ask him or her to enter the customer's credit score. Based on the customer's credit score, the program will randomly generate an interest rate based on the following ranges: Table 2: Interest Rate Assignments Rating Interest Rate Excellent 2.75% - 4.00% Good 4.01% - 6.50% Fair 6.51% - 8.75% Bad 8.76% - 10.50% The final input should be the number of years that the loan will be outstanding. Because the company only offers three different terms ( 10-, 15-, and 30-year loans), the program should ensure that no other terms are entered.
Chapter3: Performing Calculations With Formulas And Functions
Section: Chapter Questions
Problem 2.8CP
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