Java and C++ mortgage calculators
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Service Request SR-mf-003
Mortgage Payment Calculator
Organization: McBride Financial Services
Locations:
Requester: Hugh McBride
Description of Request:
Need a program that will calculate mortgage payments.
Background of Request:
Agents in the field offices will need to be able to calculate mortgage payment amounts. In the future, we may want to put a mortgage calculator on our Web site.
Expected Results/Impact when completed:
A program written in Java (without a graphical user interface) that will calculate and display the monthly payment amount to fully amortize a $200,000.00 loan over a 30 year term at 5.75? interest.
Attach a design flow chart to a hard copy or email of the source code of the program
1.Write the program as a procedural C++ program and using a loan amount of $200,000, a term of 30 years, and an interest rate of 5.75%. Insert comments in the program to document the program.
2.Write the program as a procedural C++ program. Calculate and display the mortgage payment amount using the amount of the mortgage, the term of the mortgage, and the interest rate of the mortgage as input by the user. Allow the user to loop back and enter new data or quit. Insert comments in the program to document the program.
3. Write the program as a procedural C++ program. Calculate and display the mortgage payment amount using the amount of the mortgage, the term of the mortgage, and the interest rate of the mortgage as input by the user. Then, list the loan balance and interest paid for each payment over the term of the loan. On longer-term loans, the list will scroll off the screen. Do not allow the list to scroll off the screen, but rather display a partial list and then allow the user to continue the list. Allow the user to loop back and enter new data or quit. Insert comments in the program to document the program.
4. Write the program as a procedural C++ program. Allow the user to input the amount of a mortgage and then select from a menu of mortgage loans:
- 7 year at 5.35%
- 15 year at 5.5%
- 30 year at 5.75%
Use an array for the different loans. Display the mortgage payment amount. Then, list the loan balance and interest paid for each payment over the term of the loan. On longer-term loans, the list will scroll off the screen. Do not allow the list to scroll off the screen, but rather display a partial list and then allow the user to continue the list. Allow the user to loop back and enter new data or quit. Insert comments in the program to document the program.
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Solution Summary
This solution shows both a Java and a C++ implementation of a non-GUI mortgage calculator.
Solution Preview
First I want to address the issue of calculating the monthly payment. Calculating the monthly payment is not just a matter of dividing the principle by the term. The problem is that interest is compounded on the payment. The formula ...
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