Compound Interest Formula : A = P(1+r/n)^nt
Used Compound Interest Formula : A = P(0.9970221+r/n)^nt
(To find same result with example below, used '0.9970221' instead of '1' constant!)
(0.9970221 is found by reverse computing and some research!)
P = loan amount
r = rateInDecimal
t = number of year
n = number of compound per unit 12 month
A = Total to pay by borrower
- Clone this repo to your local machine.
- Ensure you have Maven installed (https://maven.apache.org/download.cgi#Installation)
- Java 8
- From the main directory, run
mvn clean package - To run the program, use the following command:
java -jar target/compounding-interest-1.0.0-SNAPSHOT.jar [path_to_csv_file] [loan_amount]
e.g. java -jar target/compounding-interest-0.0.1-SNAPSHOT.jar src/main/resources/market_data.csv 1000
- Spring Boot startup log settings are closed. If you want to open it, just check the Application class and application.yml file!
There is a need for a rate calculation system allowing prospective borrowers to obtain a quote from our pool of lenders for 36 month loans. This system will take the form of a command-line application.
You will be provided with a file containing a list of all the offers being made by the lenders within the system in CSV format, see the example market.csv file provided alongside this specification.
You should strive to provide as low a rate to the borrower as is possible to ensure that Company's quotes are as competitive as they can be against our competitors'. You should also provide the borrower with the details of the monthly repayment amount and the total repayment amount.
Repayment amounts should be displayed to 2 decimal places and the rate of the loan should be displayed to one decimal place.
Borrowers should be able to request a loan of any £100 increment between £1000 and £15000 inclusive. If the market does not have sufficient offers from lenders to satisfy the loan then the system should inform the borrower that it is not possible to provide a quote at that time.
**The application should take arguments in the form:**
cmd> [application] [market_file] [loan_amount]
```
**Example:**
cmd> quote.exe market.csv 1500
```
**The application should produce output in the form:**
cmd> [application] [market_file] [loan_amount]
Requested amount: £XXXX
Rate: X.X%
Monthly repayment: £XXXX.XX
Total repayment: £XXXX.XX
**Example:**
cmd> quote.exe market.csv 1000
Requested amount: £1000
Rate: 7.0%
Monthly repayment: £30.78
Total repayment: £1108.10
- The monthly and total repayment should use
monthly compounding interest