Question
I need to solve a problem that is- Develop a Raptor flowchart that calculates the interest on a capital loan. The capital loan must be
I need to solve a problem that is-
Develop a Raptor flowchart that calculates the interest on a capital loan. The capital loan must be provided as input.The interest rates are given below:
- 4%on the first$100,000 of capital loan,+
- 7%on the next$200,000 of capital loan (on the portion of loan over$100,000 up to$300,000),+
- 18%on the next$500,000 of capital loan (on the portion of loan over$300,000 up to$800,000),+
- 25% on the portion of capital loanover$800,000
Hint:Apply the appropriate interest calculation rule based on where the input loan lies with respect to the interest brackets. Notice the similar structure of these rules to those of the Federal Income Tax.
Example: For a capital loan of $180,000, the interest would be equal to 4% on the first $100,000 and 7%
on the remaining $80,000, in other words :
interest = 0.04*100000 + 0.07 * 80000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started