Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Now that you are familiar with some of the operations of Krannert Elementary School, you are now going to expand on supporting the school's operations.

Now that you are familiar with some of the operations of Krannert Elementary School, you are now going to expand on supporting the school's operations.

Your task will be to design, write, and implement a Python program that will process the information of students who are on payment plans to determine the expected total tuition and fees that will be paid. You will then also determine what their payment(s) will be to cover the cost of tuition/fees based on how they plan to pay the amount. Once you have figured out the payment amount (this is basically what you did in the previous lab), you will then multiple that by the total number of payments (12 for monthly, 4 for quarterly, 2 for semi-annually, and 1 for in whole) to determine the TOTAL AMOUNT that they will end up paying. You will sum these amounts to come up with the total amount that school will make after all payments have been made.

The initial data will exist in a list for this program.In addition, your program should be able to process any number of students, their tuition, and how much they will owe per period and be able to have students (plus their tuition and fee codes) ADDED to your student data (list). You should load your student data with some starting values (e.g., 4-5 students' names plus their tuition code, sports code, lunch code, status code, and 'how they want to pay' code) and provide an opportunity (through your code) for the grader to add additional students (and their data) prior to the total payments are calculated.

As a reminder of the various inputs collected, recall the following:

  • Tuition (Code is 1 for in-district and 0 for out-of-district)
    • In-district students pay $8,000 for annual tuition
    • Out-of-district students pay $9,500 for annual tuition
  • Sports (Code is 'y' for students playing a sport and 'n' if a student isn't playing a sport)
    • Students playing sports are charged an additional $200 sport fee
    • Students not playing a sport have no sport fee charged (i.e., $0.00)
  • Lunch (Code is 0 for students who bring their own lunch, 1 for students receiving the standard lunch provided by the school, and 2 for students receiving the premium lunch provided by the school)
    • For students who bring their own lunch, there is no lunch fee (i.e., $0.00)
    • For students who get the standard lunch, the fee is $900 per year
    • For students who get the premium lunch, the fee is $1,170 per year
  • Student Status (Code is 'i' for initial year, 'g' for graduation, and 'o' for other)
    • Students in their initial year pay a "start-up" fee of $200 for the administrative setup to get them into the system, provide a locker, etc.
    • Students in their graduating year pay a graduation fee of $100 to cover the cost of the diploma, cap and gown rental, etc.
    • Students who are not in their initial year or graduation year have no status fee charged (i.e., $0.00)
  • How I Want To Pay
    • Whole (code 'w') - The student just pays the amount owed right now.
  • Semi-annually (code 's') - The student makes two payments total for the year. Because we don't get all the money up front, there is an interest charge (you'll need to determine what that interest rate is in your program).
  • Quarterly (code 'q') - The student makes four payments total for the year. Because we don't get all the money up front, there is an interest charge (you'll need to determine what that interest rate is in your program).
  • Monthly (code 'm') - The student makes twelve payments total for the year. Because we don't get all the money up front, there is an interest charge (you'll need to determine what that interest rate is in your program).

In all situations where the student is not paying the bill in full today, you will need to calculate the per period payment (note that this is what is referred to as an amortized payment amount ... this payment includes part of payment as well as part of the interest too). The formula for calculating an amortized payment amount is:

image text in transcribed
\f

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial management theory and practice

Authors: Eugene F. Brigham and Michael C. Ehrhardt

12th Edition

978-0030243998, 30243998, 324422695, 978-0324422696

Students also viewed these Programming questions