Java Time Deposit and Lending System

Topics: Deposit account, Mathematics, Interest Pages: 8 (1207 words) Published: March 15, 2013

Time Deposit and Lending System

Submitted by:
Mehdi Hadiany

Submitted to:
Prof. Glenn Cabatuan

Term 1

Time Deposit and Lending System

This is a simple JAVA application that helps to compute the income of deposit using the interest rate as well as computing the fee that should be paid by the borrower through the lending. When money is borrowed, interest is typically paid to the lender as a percentage of the principal, the amount owed to the lender. The percentage of the principal that is paid as a fee over a certain period of time (typically one month or year) is called the interest rate. A bank deposit will earn interest because the bank is paying for the use of the deposited funds. Assets that are sometimes lent with interest include money, shares, consumer goods through hire purchase, major assets such as aircraft, and even entire factories in finance lease arrangements. The interest is calculated upon the value of the assets in the same manner as upon money. Our Objective to Create This Application Program:

* To create and application that can fasten the calculation of Time deposit and lending. * This program calculations are based on the interest rate that the user/staff will enter in the system concerning that the interest rate is not always a fixed rate.

This application wants the user to enter the annual interest rate, then it will ask user to choose between deposit and loan and finally it will ask for the period of the investment/loan .In the output user will see the total amount after deposit/lend, and the net income or charges based on the plan he selected. We create this program for peoples who decided to invest or get a loan from a bank so they can calculate about their balance in period of the time deposit or lend, each year, so they will be able to plan better before they invest or take any loan.

Definition of Current System
In the current system everyone who has plans to deposit on a saving account or plan to receive a loan from a bank, first needed to know all about all formulas related about how to calculate the interest rate and compound interest rate, and it will be vary based on the type of the request load/deposit, and also the period of their plan, Furthermore their calculation might not be that accurate due to lack of knowledge in math and accounting also some people might don’t know exactly what is compound interest mean and how to calculate that and how it would effect in their deposit and loan plan.

Propose New System
The new system will help the people who plan to deposit in a saving account or receive a loan from a bank show their future balance or debt before they start their plan. This system computes how much your savings account will grow over the years. The code will ask for the initial savings balance, annual interest percentage rate, and number of years. In return, it computes compound interest and displays the savings balance at the end of each year in a list. In other hand this program will show you how much you will pay the bank after you receive a loan from bank.

Input Output Specification

Variable name| Description| Data type| Length| Data values| plan_type| To input the plan by the user 1.Time Deposit 2.Loan | Integer| | 1-2| d_amt| To input the desired amount for investment| Double| | 1.00-100000000.00| d_rate| To input the annual interest rate by the user for time deposit| Double| | 1.00-50.00| get_years| To input the number of years for the time deposit or loan | Float| | 1.00-50.00| d_balance| To store the balance for time deposit| Double| | 1.00-100000000.00| d_principal| To store principal or capital for time deposit | Double...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about Lending System
  • Theoretical Background of Lending System Essay
  • Lending System Essay
  • Lending System Essay
  • Bank Lending Essay
  • Lending Club Essay
  • Lending Essay
  • Factors Affecting Time Deposits in Turkey Essay

Become a StudyMode Member

Sign Up - It's Free