C++ Programming Assignment 1 Loan Payment Calculator The purpose of this assignment is to get you…

C++ Programming Assignment 1 Loan Payment Calculator The purpose of this assignment is to get you back into programming and give you some practice with some C++ topics that you should be familiar with from CSIS 111 as well as a new concept, random number generation. Overview: You are working as a computer programmer for a mortgage company that provides loans to consumers for residential housing. Your task is to create an application to be used by the loan officers of the company when presenting loan options to its customers. The application will be a mortgage calculator that
C++ Programming Assignment 1 Loan Payment Calculator The purpose of this assignment is to get you back into programming and give you some practice with some C++ topics that you should be familiar with from CSIS 111 as well as a new concept, random number generation. Overview: You are working as a computer programmer for a mortgage company that provides loans to consumers for residential housing. Your task is to create an application to be used by the loan officers of the company when presenting loan options to its customers. The application will be a mortgage calculator that determines a monthly payment for loans. The company offers 10-, 15-, and 30-year fixed loans. The interest rates offered to customers are based on the customers credit score. Credit scores are classified into the following categories: Table 1: Credit Score Categories RatingRange Excellent XXXXXXXXXX Good XXXXXXXXXX Fair XXXXXXXXXX Bad XXXXXXXXXX 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 customers credit score. Based on the customers 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% XXXXXXXXXX% 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.
Formulas Payment Calculator [Adapted from Wittwer, J.W., “Amortization Calculation,” FromVertex42.com, Nov 11, 2008.] The formula to calculate the monthly payment for a fixed interest rate loan is as follows:
where A= payment Amount per period P= initial Principal (loan amount) r= interest rate per period n= total number of payments or periods Example:What would themonthlypayment be on a 15-year, $100,000 loan with a 4.50%annualinterest rate? P= $100,000
r= 4.50% per year / 12 months = 0.375% (or XXXXXXXXXXper period
n= 15 years * 12 months = 180 total periods A = 100,000 * XXXXXXXXXX * XXXXXXXXXX)180)/ XXXXXXXXXX)180 1) Using these numbers in the formula above yields a monthly payment of $764.99. Requirements: To receive credit for this assignment, certain programming features must be implemented in such a way as to demonstrate your knowledge of random number generation, use of enums, proper formatting of output, input error checking, switch statements, and if statements. Start your program by prompting the user to enter a principle amount. The data type of this number should be a double. The amount must be positive and it must also be a numeric value. For example, when prompted to enter a number, if the user enters abc, the program will not be able to process the loan appropriately. Likewise, if the user enters XXXXXXXXXX, the program will again produce erroneous results. Prompt the user to enter the customers credit score. Again, appropriate error checking is essential here. In addition to ensuring that values are numeric and positive, you must also ensure that the credit score entered does not exceed 850. If a non-numeric, negative, or score that exceeds 850 is entered, prompt the user to re-enter the score. If the credit score is below 300, display an error message to the user stating that the loan cannot be offered and exit the program. Make certain that the error message is displayed for a long enough duration for the user to read it before the program closes. Prompt the user to enter the term of the loan. Valid terms are 10, 15, and 30 years. Any other numbers should be rejected, and the user should be prompted to re-enter an appropriate value. Once the inputs have been entered and validated, your program must generate an interest rate to be used in the loan calculation. Create an enum to represent the possible credit ratings: EXCELLENT, GOOD, FAIR, and BAD. Assign the appropriate enum to the customer based on the ranges listed in Table 1 above. I recommend using if-statements for this. Using a SWITCH statement with the enum values as cases, assign an interest rate based on the customers credit rating. i. Within each case, use a random number generator to create an interest rate for each category based on the ranges listed in Table 2 above. Because the random number generator that you have been taught generates only integer values, you will need to generate a number in the hundreds and divide that number by 100 to get a result within the valid range for interest rates. Be careful with integer division here. Remember that an int divided by an int equals an int (i.e. int/int=int). To arrive at a double, you must make either the numerator or denominator a double to generate an interest rate with a decimal portion. To perform the calculation for a monthly payment, create a function called CalcPayment that receives the principle, interest rate, and number of years as parameters. The function should return the monthly payment that is calculated. Your program should check for invalid data such as non-numeric and non-positive entries for principle, credit score, and term. Use proper indentation and style, meaningful identifiers, and appropriate comments. General notes about error checking As in all applications, you should design your code to be robust enough to handle anything that a user may enter. In this program, you will prompt the user to enter three numbers: a principle amount, a credit score, and a number of years (i.e. term). Because users can make mistakes, you need to make sure that they enter numbers for these inputs (as opposed letters or other characters) and that any numbers entered arereasonable. For example, what if a user entered XXXXXXXXXXas the principle amount? Or negative years? What is a negative year anyway? It just doesnt make sense. Therefore, you may use the following code to determine if a non-numeric or negative number has been entered: int num; cout “Enter an integer: ” cin num; while (cin.fail() || num { cout “You must enter a number, and that number must be positive. Please try again. ” cin.clear(); cin.ignore(numeric_limitsstreamsize::max(), 'n'); cin num; } The reason that this code works is due to the behavior of cin. Whenever cin tries to read a letter (or any non-numeric character) into a variable that is designed to hold a number, cin enters a fail state, which can produce erroneous results and potentially even cause your program to crash. Therefore, you must trap for non-numeric data whenever the program is expecting a number. One way to trap for this error is to check if cin has entered the fail state using the cin.fail() function. If it has, then you first have to clear cin out of its fail state using the cin.clear() function. Afterwards, you can issue the ignore command which flushes any remaining garbage out of the input stream (aka cin buffer). Finally, you can prompt the user to re-enter a correct value. Note that the code above is not especially informative. That is, it produces a single generic error message to the user such that the user may not realize what he did wrong to cause the problem. Therefore, feel free to tweak it as necessary in order to customize your error messages. One other point of interest is that the code above doesnt allow the user an opportunity to end the program if he cant provide an acceptable value. It just continues to loop until an acceptable value is entered. In real life, you would definitely want to allow your user a means of escape. In this assignment, however, continuing to prompt the user for a valid value until one is entered is fine. Later in the course, well learn more sophisticated ways of error checking when we discuss exception handling. Good luck on this assignment! Have fun with it, and as always, let me know if you have any questions. To give you an idea of the general criteria that will be used for grading, here is a checklist that you might find helpful: Compiles and Executes without crashing Style: No global variables Code is modular Use of enum for credit rating Use of switch statement for assigning interest rates Requirements: Prompts user for principle, credit score, and term with appropriate error checking Generates a random interest rate within the specified ranges Correctly calculates payment in MonthlyPayment function Output is formatted appropriately Review the submission instructions document prior to uploading your work to Blackboard. Submit this assignment by 11:59 p.m. (ET) on Monday of Module/Week 1.

View less

Custom Paper Help
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.