In this chapter, you will:
Create a Ruby on Rails application.
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, the consumer often wants to see what the proposed payments for the loan would be. The payments may 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 ...