Small Business Loans
You are the manager of the small business loan department for the U.S. government. You need to calculate the payments for the loans that are currently on the books. To do this, you will need to create a query and add the Pmt function to calculate the loan payments for each loan. You will also summarize each loan by loan type (M=Mortgage, C=Car, and O=Other).
For the purpose of grading the project you are required to perform the following tasks:
Start Access. Open the downloaded Access file namedexploring_a03_grader_h2.
In Design view, create a table named Customers. Add the first field named CustomerID with AutoNumber DataType. Add Company as the second field name, and FirstName as the third field name. Accept the default data types.
Add the following fields to the Customers table (in this order), accepting the default data types: LastNameCityStateZipVerify that CustomerID is the primary field.
Save the table and switch to Datasheet view. Add the following records to the table:Company FirstName LastName City State Zip
Jones and Co Robert Paterson Greensboro NC 27401
Elements, Inc. Merve Kana Paterson NJ 07505
Godshall Meats, LLC Francisco De La Cruz Beverly Hills CA 90210
Import the spreadsheet in the downloaded Excel fileexploring_a03_h2_Loans into a new table. Choose LoanID as the primary key and accept all other defaults in the Import Wizard.
Open the Loans table in Design view. Change the InterestRate field format toPercent. Change the field size for the CustomerID field to Long Integer. Click Yes when prompted that some data may be lost. Save and close the table.
Create a relationship between the CustomerID fields in the Customers and Loans tables. Enforce referential integrity. Save and close the Relationships window.
Create a query using the two tables that will calculate the payment amount for each loan. Add the following fields: Company, LoanID, Amount, InterestRate, Term, and LoanClass, in that order (Hint: the values for the Term field are in years). Sort the query by LoanID in ascending order. Save the query as Loan Payments.
Use the Expression Builder to add a calculated field namedPayment in the first blank column to calculate the loan payment for each loan. Use the Pmt function. Assume the loans have monthly payments (12 payments per year). Ensure the payment displays as a positive number. Run the query.
Switch to Design view and change the display of the calculated field to Currency format. Run the query again to verify your changes.