Programming Assignment Directions
**In this assignment you are going to develop a Swift program to calculate the amount of a mortgage payment. Refer to the appropriate video or any online source for how the mathematics of the calculation works. You program should prompt the user for text-based input of**
- The amount of the loan in whole dollars
- The number of payments (e.g. 360 for 30-year)
- The interest rate per payment period in percent ( a positive floating-point number)
**The program should print out the correct value (in dollars and cents) of the per-period payment of principal and interest (ignore escrow accounts, taxes, and insurance) for the following scenarios:**
- 72 month loan of $20,000, 4.4% APR, compounded monthly
- 30 year loan of $150,000, 5% APR, one annual payment each year for 30 years
**There are many loan calculators online you can use to check your work.**
**Once you have the calculation working in a playground, write an iOS app for a loan payment calculator. The user interface should have**
**Three text boxes, with labels, for**
- Loan amount in dollars
- Number of payments
- Interest rate per payment period
**A button to calculate the amount of the payment per period**
**A label for the payment amount per period**
When the button is clicked, the number for the payment amount that is correct for the numbers presently in the text boxes should appear beside the label for the payment amount.
Deliverables
1. Transcript of the playground being entered and running
2. Xcode project directory, zipped for the payment calculator
Rubric for Grading
+ Compiles = 35%
+ Calculates something = 15%
+ Correct UI, as specified= 10%
+ Correct answer for 72 month loan of $20,000, 4.4% APR, compounded monthly = 15%
+ Correct answer for 30 year loan of $150,000, 5% APR, one annual payment each year for 30 years = 15%
