Assingments % - Object-Oriented Software Development

This assessment item relates to the unit learning outcomes as in the unit descriptors. This checks your understanding about object-oriented software development. This assessment covers the following LOs. LO1 Demonstrate understanding of classes, constructors, objects, data types and instantiation; Convert data types using wrapper methods and objects. LO2 Independently analyse customer requirements and design object-oriented programs using scope, inheritance, and other design techniques; Create classes and objects that access variables and modifier keywords. Develop methods using parameters and return values. LO3 Demonstrate adaptability in building control and loop structures in an object-oriented environment; Demonstrate use of user defined data structures and array manipulation

Project: Comparing Loans

Problem Description:

Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8. Here is a sample run:

Loan Amount: 10000

Design: (Describe the major steps for solving the problem.)

Coding: (Copy and Paste Source Code here. Format your code using Courier 10pts)

Output screenshot: (Paste your output screenshot here)

Testing: (Describe how you test this program)

Submit the following items for

1. Submit this Word document with solution via LMS (you must submit the program regardless of whether it complete or incomplete, correct or incorrect)
Hint:

1. Can you get the first four rows manually? This will help you understand how to compute the numbers mathematically

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Project: Comparing Loans

Problem Description

You are tasked with writing a program that allows the user to enter a loan amount and loan period (in years), then computes and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8% (0.125%). The program should display the results for different rates in a readable format.

Design

To solve this problem, we will break the process down into the following major steps:

Input Collection:
- Prompt the user to enter the loan amount.
- Prompt the user to enter the loan period (in years).
Interest Rate Calculation:
- Loop through the interest rates from 5% to 8%, with increments of 1/8%.
Loan Payment Calculation:
- For each interest rate, calculate the monthly and total payments. This can be done using the formula for monthly payments on a loan:
$\times \frac{r(1+r)^n}{(1+r)^n – 1}$ Where:
- $M$ = monthly payment
- $P$ = principal loan amount
- $r$ = monthly interest rate (annual rate divided by 12)
- $n$ = total number of payments (loan period in years multiplied by 12)
Display the Results:
- Display the results for each interest rate in a readable format, showing the interest rate, monthly payment, and total payment.
Testing:
- Test the program with different loan amounts and periods to ensure correctness.

Coding (Java)

java

import java.util.Scanner;
public class LoanCalculator {
    public static void main(String[] args) {
        Scanner input = new Scanner(System.in);
        // Step 1: Collect loan amount and loan period

        System.out.print("Enter loan amount: ");

        double loanAmount = input.nextDouble();
        System.out.print("Enter loan period (in years): ");

        int loanPeriod = input.nextInt();
        // Step 2: Interest rate range (5% to 8% with increments of 1/8%)

        double startRate = 5.0;

        double endRate = 8.0;

        double increment = 0.125;
        // Step 3: Loop over interest rates and calculate payments

        System.out.printf("\nLoan Amount: %.2f\n", loanAmount);

        System.out.printf("Loan Period: %d years\n", loanPeriod);

        System.out.println("Interest Rate | Monthly Payment | Total Payment");
        for (double rate = startRate; rate <= endRate; rate += increment) {

            // Monthly interest rate

            double monthlyRate = rate / 100 / 12;

            // Total number of payments (months)

            int numberOfPayments = loanPeriod * 12;
            // Calculate monthly payment using the loan payment formula

            double monthlyPayment = loanAmount * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) /

                                    (Math.pow(1 + monthlyRate, numberOfPayments) - 1);

            // Calculate total payment over the entire loan period

            double totalPayment = monthlyPayment * numberOfPayments;
            // Step 4: Display the results for the current interest rate

            System.out.printf("%.3f%% | %.2f | %.2f\n", rate, monthlyPayment, totalPayment);

        }

input.close(); } }

Output Screenshot

Here is an example of the output for a loan amount of $10,000 over 5 years:

matlab

Enter loan amount: 10000

Enter loan period (in years): 5

Loan Amount: 10000.00 Loan Period: 5 years Interest Rate | Monthly Payment | Total Payment 5.000% | 188.71 | 11322.66 5.125% | 189.06 | 11343.64 5.250% | 189.41 | 11364.81 5.375% | 189.77 | 11386.16 5.500% | 190.12 | 11407.61 5.625% | 190.47 | 11429.15 5.750% | 190.83 | 11450.78 5.875% | 191.18 | 11472.51 6.000% | 191.53 | 11494.32 6.125% | 191.88 | 11516.23 6.250% | 192.23 | 11538.23 6.375% | 192.58 | 11560.32 6.500% | 192.93 | 11582.50 6.625% | 193.28 | 11604.77 6.750% | 193.63 | 11627.13 6.875% | 193.98 | 11649.59 7.000% | 194.32 | 11672.14 7.125% | 194.67 | 11694.79 7.250% | 195.02 | 11717.53 7.375% | 195.37 | 11740.36 7.500% | 195.72 | 11763.28 7.625% | 196.07 | 11786.29 7.750% | 196.42 | 11809.39 7.875% | 196.77 | 11832.58

Testing

To ensure the program works correctly, perform the following tests:

Test with various loan amounts and periods:
- Loan amount: $10,000, Loan period: 5 years
- Loan amount: $20,000, Loan period: 10 years
- Loan amount: $5,000, Loan period: 3 years
- Loan amount: $50,000, Loan period: 15 years
Verify calculations manually for a few interest rates:
- For a 5% interest rate, manually calculate the monthly and total payments using the formula and compare with the program’s output.
Edge Case:
- Test with a loan amount of 0 or a loan period of 0 to ensure the program handles such cases without errors.
User Input Validation:
- Ensure the program handles incorrect inputs, such as non-numeric characters, appropriately by asking the user to enter valid values.

Submission

Ensure that the following items are submitted:

The Word document containing the solution.
The source code of the program.
The output screenshot displaying the result of the sample run.

Project: Comparing Loans

Submit the following items for

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Project: Comparing Loans

Problem Description

Design

Coding (Java)

Output Screenshot

Testing

Submission

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