Assignment: Exercise 4
Needs to be completed in Visual Studio
Windows App: Monthly loan payment calculator
The objectives of this lab assignment are as follows:
Create fully functioning desktop application
Understand controls, properties, and event-handlers
Accept user input from GUI
Format data for display
Perform financial calculation
To properly complete this assignment you will need to apply the following skills:
Construct Windows desktop GUI application
Convert financial formula to C# code
Validate user-input to ensure entered values are valid
Format numeric results properly as currency
Use of Math.Pow() method
Use of MessageBox.Show() method
Use of int.TryParse() method
Use of double.TryParse() method
Assignment User Story
As a user I want a Windows desktop application will allow me to calculate the monthly payment for a fixed-rate interest loan, such as for a car or for home mortgage.
In this application we are calculating the monthly payment for a fixed interest rate loan. This is a standard financial formula and the results of your work can be checked against a number of online calculators.
In order to calculate a monthly payment, you will need to know the total loan amount requested, the annual interest rate, and the length of the loan (term).
The total amount of the loan requested will be represented by the difference between the purchase price (what it is that you wish to finance) minus the down payment (if any).
The interest rate must be entered as a decimal value such that an entry of 5.00 represents 5%, which is .05.
The term will simply be entered as a number of months for the loan. For example 60 months is 5 years (generally the term for a car loan) while 360 months is 30 years (suitable for a home mortgage).
Formula for Calculating Monthly Payment
There are numerous ways of calculating monthly payment amounts. We will use the following formula:
A is the monthly pa yment amount
i is the monthly interest rate
P is the loan’s total amount (the amount to be financed)
n is the total number of monthly payments
While the application will prompt for the interest as an annual rate, you must convert this to a monthly rate. Entering 5.0 (which should be understood to mean 5% annually) should result in a monthly interest rate of:
It is this monthly interest rate, and not the annual rate, that should be substituted for i in the above calculation.
You must ensure that the application you submit meets all technical/grading requirements. Your grade will be based on how well your application follows the application requirements plus the following:
A Windows Forms (desktop) application will be developed.
Ensure that all of the data fields (text boxes) into which the user enters data are validated (required data as well as valid numeric entry).
Required fields include purchase price, down payment amount, annual interest rate, and length of loan.
Each of the required fields must be validated to ensure they are not empty after the user clicks the Calculate button.
Each of the required numeric fields must be validated to ensure correct numeric entry.
If there are errors with respect to violation of either required or numeric inputs the user will be alerted with the MessageBox.Show() method.
There should be two additional fields with their read only properties set to true: Amount to Finance and Monthly Payment.
The Amount to Finance field will automatically be filled with the result of the down payment amount subtracted from the purchase price.
The monthly payment amount will be calculated by this application and will be displayed using the currency format.
Two buttons will be included on this form: Calculate and Close. When the user clicks Calculate, the form’s fields will be validated and, if valid, monthly payment will be computed. The Close button will cause the application to end.
As a final note to the above requirements, because this is a Windows desktop application you must submit a zip of the entire project folder for grading purposes. A desktop application contains multiple files beyond just the code file that must be kept together.
How the application looks and how it presents its information to the user is up to you. But it must meet the minimum requirements noted above.
You will want to test the results of your calculation to ensure that your math is accurate. There are many online calculators available to you. One such can be found at the following (link to online calculator here.)
I would not attempt to perform the entire payment calculation in a single line of code. Rather, you should break the calculation up into multiple variables that are then put together for the final result.
For this application the only controls you need to be concerned with are labels, text boxes, and buttons.
The example output provided below is simply an example. You do not need to format your output to look like this example. You simply need to ensure that you have met the technical requirements for this application.
Following is example output for this application:
Application with valid inputs and correct calculation:
Application with invalid input (missing entry for Interest Rate):
Application with invalid input (non-numeric entry for Interest Rate):
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