{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

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

This preview shows pages 1–2. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern