Bank Accounts

Breakfast

Create an Account class with a minimum of 6 specs. The class should have the following methods:

• self.new(id, initial_balance): creates a new instance with the instance variable id and 'initial_balance' assigned
  • Account cannot be created with initialize negative balance - this will raise an ArgumentError (Google this)
• #withdraw(amount): The input amount gets taken out of the account as result of an ATM transaction. Return value should be the updated account balance.
  • Does not allow the account to go negative - Will output a warning message and return the original un-modified balance
• #deposit(amount): Adds the input amount to the account balance as a result of an ATM transaction. Return value should be the updated account balance
• #balance: Returns the current account balance

Create a SavingsAccount class with a minimum of 6 specs. The class should inherit behavior from the Account class. It should include updated logic within the following methods:

• self.new(id, initial_balance): creates a new instance with the instance variable id and 'initial_balance' assigned
  • The initial balance cannot be less than $10. If it is, this will raise an ArgumentError
• #withdraw(amount): The input amount gets taken out of the account as result of an ATM transaction. Each withdrawal 'transaction' incurs a fee of $2 that is taken out of the balance.
  • Does not allow the account to go below the $10 minimum balance - Will output a warning message and return the original un-modified balance

It should include the following new methods:

• #add_interest(rate): Calculate the interest on the balance and add the interest to the balance. Return the interest that was calculated and added to the balance (not the updated balance).
  • Input rate is assumed to be a percentage (i.e. 0.25).
  • The formula for calculating interest is balance * rate/100
    • Example: If the interest rate is 0.25% and the balance is $10,000, then the interest is $25 and the new balance becomes $10,025.

Lunch

Create a CheckingAccount class with a minimum of 6 specs. The class should inherit behavior from the Account class.

• #withdraw(amount): The input amount gets taken out of the account as result of an ATM transaction. Each withdrawal 'transaction' incurs a fee of $1 that is taken out of the balance. Returns the updated account balance.
  • Does not allow the account to go negative. Will output a warning message and return the original un-modified balance
• #withdraw_using_check(amount): The input amount gets taken out of the account as a result of a check withdrawal. Returns the updated account balance.
  • Allows the account to go into overdraft up to -$10 but not any lower
  • The user is allowed three free check uses in one month, but any subsequent use adds a $2 transaction fee
• #reset_checks: Resets the number of checks used to zero

Dinner

Create a MoneyMarketAccount class with a minimum of 6 specs. The class should inherit behavior from the Account class.

• A maximum of 6 transactions (deposits or withdrawals) are allowed per month on this account type
• self.new(id, initial_balance): creates a new instance with the instance variable id and 'initial_balance' assigned
  • The initial balance cannot be less than $10,000 - this will raise an ArgumentError
• #withdraw(amount): The input amount gets taken out of the account as result of an ATM transaction. Returns the updated account balance.
  • If a withdrawal causes the balance to go below $10,000, a fee of $100 is imposed and no more transactions are allowed until the balance is increased using a deposit transaction.
  • Each transaction will be counted against the maximum number of transactions
• #deposit(amount). Returns the updated account balance.
  • Each transaction will be counted against the maximum number of transactions
  • Exception to the above: A deposit performed to reach or exceed the minimum balance of $10,000 is not counted as part of the 6 transactions.
• #add_interest(rate): Calculate the interest on the balance and add the interest to the balance. Return the interest that was calculated and added to the balance (not the updated balance). Note** This is the same as the SavingsAccount interest.
• #reset_transactions: Resets the number of transactions to zero