SQL function
Write a SQL function that accepts a principal mortgage amount, an annual percentage
rate (APR), and the number of years a mortgage will be paid back over. Calculate the
associated monthly mortgage payment according to the following annuity formula:
A = P (i + (i/ (1+i)^n )−1 )
where:
A = Monthly Payment Amount
P = Principle (Initial) Mortgage Amount
i = APR / 12 = Monthly Interest Rate
n = years * 12 = Total Number of Payments
Be sure to specify that data types of the input arguments have enough significant digits to
account for realistic mortgage amounts (as large as in the millions of dollars) and APRs
(down to the sixth decimal place will be sufficient).
SELECT monthlyPayment(80000.00, 0.03235, 30);