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## Parameter Passing Problem Summary and Mortgage Assignment

Order ID53563633773 TypeEssay Writer LevelMasters StyleAPA Sources/References4 Perfect Number of Pages to Order5-10 Pages

Description/Paper Instructions

Parameter Passing Problem Summary and Mortgage Assignment

Java Programming Assignment 3: Expressions, Class Methods, And Parameter Passing Problem Summary A Mortgage Company Would Like You to Help Compute Mortgage…

Java Programming Assignment 3: Expressions, class Methods, and Parameter passing

Problem Summary

A mortgage company would like you to help compute mortgage payments for its customers, when given a mortgage loan.

The mortgage company currently only issues 30-year mortgage loans, and always requires a 10% down payment to obtain a mortgage loan. Therefore, the Loan Amount will always be 90% of the Purchase Price (the price paid for the home).

To protect its interests, the mortgage company handles paying the property taxes and insurance on the property. Therefore, the monthly mortgage payment consists of three parts:

- property taxes
- insurance
- principle and interest for the loan
The property tax portion is computed as follows:

Home’s Assessed Value = 85% of Purchase Price

Annual Property Taxes = 0.63% of Home’s Assessed Value + $35.00 admin fee

For example, if the home’s purchase price was $101,000.00

The assessed value would be $85,850.00

The annual property taxes would be $540.86 + 35.00 = $575.86

And the monthly property taxes would be $47.99

The insurance portion is computed as follows:

Annual Insurance Premium = 0.49% of Purchase Price Monthly premiums will be rounded to the nearest dollar.

For example, if the home’s purchase price was $101,000.00

The annual insurance premium would be $494.90 And the monthly insurance cost would be $41.00

NOTES:

- The tax and insurance percentages are less than 1%, so make sure you enter the values correctly for calculations (i.e. 0.49% == 0.0049)
- Both annual property taxes and annual insurance premiums must be divided by 12 to obtain a monthly cost.
The principle and interest portion is computed as follows:

Monthly Loan Payment = factor x Monthly Interest Rate x Loan Amount factor – 1 where

factor = exp( Loan Length In Months x log(1 + Monthly Interest Rate) );

Predefined exp and log mathematical functions are located in the built-in java.lang.Math class.

The monthly interest rate will be 1/12th of the loan’s annual interest rate. Be sure to also convert the percent entered by user (e.g. 5%) to an amount that can be used in calculations (e.g. 0.05).

For example, if the home’s purchase price was $101,000.00 and the annual interest was 5%:

The loan amount would be $90,900.00 (after subtracting the down payment)

The monthly interest rate would be 0.00417

The loan length would be 360 months

So the monthly loan payment would be $487.97

NOTE: For hand calculating results to test your program, the equivalent algebraic equation for factor is:

factor = (1 + MonthlyInterestRate) TermInMonths

Overview of Program

In your last two Alice assignments, you:

- Created programs that were broken down into multiple methods.
- Used variables to store user input and calculation results.
- Used parameters and return values to pass information between methods.
This assignment will require you to do the same things in Java. This program will contain:

- A main method to read the inputs from the user, display some values, and call the other methods.
- A method (1) to display a description of what the program will do.
- A method (2) to compute the monthly property tax..
- A method (3) to compute the monthly insurance premium.
- A method (4) to compute the monthly principle and interest loan payment.
- A method (5) to compute and display the results of the program.
Program Requirements

Given the price paid for a home and the annual interest rate for a 30-year loan (both read from the user), compute the individual parts of a monthly mortgage payment, along with the total, as follows:

- Create only one Java class for this program, named as follows:
LastnameJavaClassName For example: SmithMortgagCalculator

- Implement the following methods, within this class:
NOTE: All of these methods should have descriptive names that include a verb, describing the methods action.

Method 1: A method to display an explanation of what the program will do to the user.

o This method will not have any parameters or a return value.

Method 2: A method to compute the monthly property tax. This method will:

o Have 1 parameter: the purchase price of the home

o Define and use three local (non-static) constants, that contain the values for:

- the percentage of the purchase price used to compute the home’s assessed value
- the percentage of the home’s assessed value used to compute the property tax
- the dollar amount of the admin fee
o Compute the monthly property tax using the formulas on page 1

o Return a double value: the monthly property tax payment

Method 3: A method to compute the monthly insurance premium. This method will:

o Have 1 parameter: the purchase price of the home

o Define and use a local (non-static) constant that contains the percentage of the purchase price used to compute the insurance premium.

o Compute the monthly insurance premium using the formulas on page 1

o Use the round method in the java.Math class to round the monthly insurance premium to a whole dollar amount.

o Return a double value: the rounded monthly insurance premium

Method 4: A method to compute the monthly principle and interest loan payment for a 30-year loan. This method will:

o Have 2 parameters:

- the loan amount
- the annual interest rate for the loan
o Define and use a local (non-static) constant that is set to the value of:

- the number of months in the loan period
o Use the exp and log methods from in the java.lang.Math class to calculate the factor

o Compute the monthly principle and interest loan payment using the formulas on page 1

o Return a double value: the monthly loan payment

Method 5: A method to compute and display the results, with no return value. This method will:

o Have 3 parameters:

- the monthly tax payment
- the monthly insurance premium
- the monthly principle and interest loan payment
o Calculate the total monthly mortgage payment

o Use the println and printf statements to:

- Display the header “Monthly Mortgage Payment”
- Display each of the parameter values (the three parts of the mortgage payment), to 2 decimal places, indented under the header and lined up on the decimal points
- Display a dashed addition line below the parts of the mortgage payment.
- Then display the total monthly mortgage payment. This total also be displayed to 2 decimal places, indented under the header, and should line up with the figures above.

- Within the main method, write the Java code to:
NOTE: The main method will be defined first, at the top of the class, before all the other methods.

- Define and use a local (non-static) constant to hold the percentage of a home’s purchase price that a loan will be issued for (used to compute loan amount), set to 90%.
Call method 1 to display the program description.

- Prompt for (using descriptive prompts) and read the user inputs (home’s purchase price and loan’s annual interest rate).
Sample Display and Input from main method

- Display a few blank lines to separate the input from the output.
- Calculate and display the loan amount to 2 decimal places.
- Call all the calculation methods (methods 2 – 4) to compute the three parts of the monthly mortgage payment, and save the results returned from each.
- Call the method 5 to display the final results.
Sample Output from method 5

Output must display exactly as shown: All decimal points in the payment components and total payment must line up with each other. And the descriptions must be indented 2 spaces.

- You must also define and use:
o Local variables for each input or computed value, defined using descriptive names and appropriate data types.

WARNING: The methods must be implemented exactly as specified in these requirements.

Parameter Passing Problem Summary and Mortgage Assignment

RUBRIC

QUALITY OF RESPONSENO RESPONSEPOOR / UNSATISFACTORYSATISFACTORYGOODEXCELLENTC ontent (worth a maximum of 50% of the total points)Zero points: Student failed to submit the final paper.20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking.30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking.40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete.50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing.Use of Sources (worth a maximum of 20% of the total points).Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper.5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6^{th}Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper.10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6^{th}Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources.15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6^{th}Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources.20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6^{th}Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment.Grammar (worth maximum of 20% of total points)Zero points: Student failed to submit the final paper.5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage.20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free.Structure of the Paper (worth 10% of total points)Zero points: Student failed to submit the final paper.3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6^{th}edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6^{th}edition requirements whatsoever.5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6^{th}edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment.10 points: Student provides a high-caliber, formatted paper. This includes an APA 6^{th}edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.## GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER

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