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Lab 8 - MGMT 29000-002 Programming for Business...

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MGMT 29000-002 Programming for Business Applications Fall 2011 Lab 8 Lab Purpose: The purpose of this lab is to provide more experience with Java methods. Lab Instructions: Description: Purdue students go onto successful careers after graduation. Once our former students get into their first well-paying job, they often seek to purchase a home and a nicer car. One of the difficult parts of figuring out which house and car to buy is knowing how much you can spend on each purchase, given your income (along with other financial obligations, which we will ignore for now). You can go to a bank or a credit union and get “pre-approved” for a number of loan products, including mortgages and automobile loans. This generally means that the bank will tell you how much you can spend, according to general formulas. Write a Java program that will provide mortgage and auto loan pre-approval information to a customer, when asked for his or her income. Your program should ask the user what his/her annual gross income is. You can assume that the user can afford to spend 25% of his/her monthly gross income on monthly mortgage payments and 5% of his/her monthly gross income on auto loan payments. Your program should also calculate the amount of principal that the user can borrow for both a 15-year and 30-year fixed rate mortgage as well as for a 3 year and 5 year automobile loan (Please check http://en.wikipedia.org/wiki/Fixed_rate_mortgage for background information). The equation
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