I need help in designing a database for an equipment finance system I want to implement as a project. This is how the system will work.
1. A client would make an application to a finance company for a loan to buy a machine. The loan will be recovered over a period of time to be mutually agreed upon.
2. The finance company does not keep stock of any machines except those that have been ordered for a client and awaiting delivery and also used machines that have been repossessed for non-payment.
3. The company charges interest and the interest rate can change anytime the central bank changes the lending rate to commercial banks. This can happen in the middle of the month, in which case two rates will apply in the month in question.
4. It is expected that a minimum payment would be made on a monthly basis, but the client can choose to pay more, which will reduce the outstanding capital.
5. In the event of non-payment, the machines can be repossessed and the finance company will determine the value of the machines by some method. If the current value is less than the debt, the cliet will be liable for the shortfall.
6. A customer can have more than one agreement at a time, and agreements can be consolidated into one agreement at any point in time.
7. Different interest rates apply to different clients.
I will be very grateful for any help I will get in this direction.