V22.0480.002 : Fall 1998
Applied Internet Technology
Assignment - 3 (Due Monday November 30th)
Remote Mortgage Advisor
In this assignment you have to build a Client-Server application for a Mortgage
Advisor. This application has to be written in the Remote Method Invocation (RMI)
technology of Java.
The Client has to be a Java program that interacts with the user. You can use
command line User Interface. All the error checks and other validations can be
done in this program.
The Server will be the Mortgage calculator with all the business logic for
computing the Mortgage. The client has to interact with the Server in coming up
with an advise for the user. The client program and the server program have to
run on two different machines.
The assignment will be graded for:
1. The technical content (Java)
2. Client Server Application design.
3. Effective use of RMI
This assignment has to be done in groups of two students. Try to keep the same
groups as you had for assignment 2. You cannot change groups without prior
permission of the TA. Read the policy sheet on Assignments for further details.
You are expected to use only vi, emacs or Notepad for writing your application
in Java. The previous assignment is given below for completeness.
Write a Web program that will help a person to compute the Mortgage payments for
a house he/she is planning to buy. This program has to have three functions:
a. Advise whether it makes sense to Rent a house or Buy a house.
b. Compute the Mortgage & other payments per month.
c. Determine if a person qualifies for a Mortgage.
The program has to walk the user through a number of different options and
collect all the information that is required. The information that has to
be gathered from the user are:
1. Complete Name
4. State of Residence (NY, NY, CT)
5. The Person's pay (per weekly, bi-weekly, monthly, yearly?)
6. Current Rent
7. The Loan Amount
8. Mortgage Rate (provide defaults like 6.5%, 7.00%, 7.5%, 8.00%)
9. Period of Loan (provide standard periods like, 10, 15, 20 & 30 years)
The monthly mortage is calculated as follows: (this is not the precise way to
do the actual mortgage calculation, rather only a very rough approximation)
Principle = 'LoanAmount'
Interest = 'LoanAmount' * ( 'MortgageRate%'/100 ) * 'LoanPeriod'
Total Payment = Principle + Interest
Monthly Mortgage = 'TotalPayment' / ('LoanPeriod'*12)
Monthly Property Tax = ( 'LoanAmount' * 'TaxRate' ) / 100*12
Monthly Maintenance = ( 'LoanAmount' * '1.0%' ) / 100*12
The TaxRate is determined by the State of Residence. Assume the following:
New York = 2.5%
New Jersey = 3.0%
Connecticut = 2.75%
In addition, a person qualifies for a Mortage of 'LoanAmount' dollars if
his/her yearly income is 35% of the loan amount.
Monthly Income = $3,000/-
'LoanAmount' = $100,000/-
'MortgageRate' = 6.5%
'LoanPeriod' = 20 Years
Principle = $100,000/-
Interest = 100,000 * (6.5/100) *20 = $130,000
Total Payment = $100,000 + $130,000
Monthly Payment = $958/-
Monthly Property Tax = $250/- (for New Jersey resident)
Monthly Maintenance = $83/-
The person qualifies for the Loan amount.
Present the user with the following result:
Dear Mr or Ms (depending on the Sex field) 'Name',
Based on the information that you have provided. It makes/does not
make sense for you to buy a house at this time. The numbers below support
Monthly Rent : $1,350/-
Monthly Mortagage : $958/-
Monthly Property Taxes : $250/-
Monthly Maintanence : $83.3/-
Total Monthly House Cost = $1,291/-
You will save $60/- per month and in addition will have property worth over
$100,000/- at the end of 20 years.
Based on your income, you will qualify for a mortage for a loan of $100,000/-
Please contact our office at the below address for helping you save money.