Initial consideration:

There is a need to provide the modified version of thePredatoryCreditCard class given in the text book that contains

• ThePredatoryCreditCard class description needs to be modified in such a way that a customer is allocated a minimum monthly payment in the form of percentage of the balance.
• The modified the PredatoryCreditCard class should also have the method to check whether a customer does not subsequently pay the minimum amount before the next monthly cycle.
• If it is so then the method should be able to assess a late fee for the late payment.

Modified version ofPredatoryCreditCard class:

The PredatoryCreditCard class has to be modified that need to be referthe code fragment given in the textbook which contains the PredatoryCreditCardclass. This code is modified with the little change as follows.

• The change is that a customer should be allocated a minimum monthly payment in the form of percentage of the balance.
• Check whether a customer does not subsequently pay the minimum amount before the next monthly cycle then the customer should be charged some late fee.

Modified code:

Public class PredatoryCreditCard extends CreditCard

{

//Additional instance variable for charging late fee

Private int latefee = 0;

//variable for monthly payment

double monthlyPayment

//variable amount to calculate the monthly payment

double amount;

// annual percentage rate

Private double apr;

//calculate the minimum monthly interest rate

monthlyInterestRate = (apr/12)

/*calculate monthly payment based on interest Rate.*/

monthlyPayment = (Amount*monthlyInterestRate)/(1-Math.pow(1+monthlyInterestRate, -termInMonths));

//get the monthly payment amount

returnmonthlyPayment;

// Constructor for this class

public PredatoryCreditCard(String cust, String bk, String acnt, int lim,double initialBal, double rate)

{

/*Constructor for customer, account and initial balance...