BMIS208 – Programming Assignment #3 Complete Solution

Question: #1134

BMIS 208 – Programming Assignment #3

Adapted from Introduction to Programming Using Visual Basic 2010, 8/E, David I. Schneider.

Create a Visual Basic program to analyze a mortgage. The user should enter the amount of the loan, the annual percentage rate of interest, and the duration of the loan in months. When the user clicks on the button, the information that was entered should be checked to make sure it is reasonable. If bad data have been supplied, the user should be so advised. Otherwise, the monthly payment and the total amount of interest paid should be displayed. The formula for the monthly payment is:

Payment = p * r / (1 – (1 + r) ^ (-n)),

Where p is the amount of the loan, r is the monthly interest rate (annual rate divided by 12) given as a number between 0 ( for 0 percent) and 1 (for 100 percent), and n is the duration of the loan in months. The formula for the total interest paid is:

total interest = n * payment – p.

Design your screen to look like the one below.
Store the amounts entered by the user in variables and use these variables in the formula.
Use appropriate naming conventions for controls and variables.
Include internal documentation to describe the logic in your program (i.e. put comments in your code)
Make sure your error messages are meaningful.
Ensure that the user cannot enter anything into controls that display your totals.