Question: Mortgage Calculation: Write the following program that will enable a loan officer to provide monthly mortgage payment estimates to his customers Receive input for property
Mortgage Calculation: Write the following program that will enable a loan officer to provide monthly mortgage payment estimates to his customers Receive input for property purchase price (PPP) Receive input for loan type (1 for FHA; 2 for Conventional) Note: FHA Needs upfront mortgage insurance premium and Conventional Does not FHA needs monthly mortgage insurance premium and conventional does not Conventional needs minimum down payment of 20% while FHA minimum down payment is 3% Receive input for down payment amount (DP) For conventional loans if the down payment amount is less than 20% of purchase price display a message stating this loan is not possible. Stop further calculations. For FHA loans if the down payment amount is less than 3% of purchase price display a message stating this loan is not possible. Stop further calculations. Calculate Loan Amount (LA) PPP -DP Output Loan Amount (LA) Interest Rate Calculation Receive Input for credit score for the customer Receive Input for current federal funds rate (FFR) in percentage Mortgage Interest Rate (MIR) FFR Financial Risk Compensation in percentage (i.e. (FRC) Financial Risk Compensation (FRC) calculation is based on the following table: Credit Score FRC (96) 750 >700 and -750 650 and
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