Sample 1, Loan Problem
Short Description:
Design a system that will help a "bank" compute the terms of simple interest loans.
Formal Description
You have been hired by a local bank to design a system which will allow the bank to compute the terms for a simple interest loan. Simple interest loans consist of a principal (p) , which is the amount borrowed, the interest rate (r), given as an annual percentage rate, and a period of time (t), given in years.
The interest (i) due on a loan is computed using the formula i=prt. The amount due (A) when the loan is paid off is computed using the formula A=p+i
Your system should be interactive and prompt the user for all values.
Design
You should design this project, including an algorithm.
This design should be include:
- A high level description of the program.
- An algorithm.
- A list of questions associated with the assignment.