Chapter 21. Case Study: Payment Calculator
Specifically, this chapter describes how to do the following:
Create a web page to enter loan information
Call a web service to calculate the payments using SOAP
Mortgages are commonly used throughout the world when purchasing a home or land. The word mortgage comes from French and literally means "death pledge." Before making such a pledge, consumers often want to see the proposed payments for the loan. These payments generally include interest and a principal reduction component, depending on various laws or religious guidelines.
In the most common mortgages, the schedule of payments (based on a repayment agreement, or note) must be determined before the annual percentage rate (APR) can be calculated. The amount of interest and principal paid in each payment is based on the loan terms selected and generally changes over the course of the loan. Depending ...