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MIRA_Inception Powered By Docstoc
					1 Vision
1.1 Introduction

MIRA (Mortgage, Investment, Retirement Advisor) is a financial advisor application
which utilizes a collection of useful financial tools and calculations aimed towards the
average home user. The mortgage module helps end user to calculate mortgage payment,
the principal amount one can borrow, the interest rate, and the period over which one can
payback his mortgage. The investment module allows end user to calculate how much
investments will be worth in the future. The retirement module is designed to help end
user to determine the time and savings required to get to the point where investments are
sufficient to support the retirement income that user contributed.

1.2 Positioning

1.2.1 Business Opportunity

MIRA can create a market for a low-cost, simple standalone system to manage your
financials, make investment decisions and envision your retirement goals. As our system
becomes more robust, we can distribute a limited version of MIRA on the internet as a
trial ware. A fully functional version would also be available for a small fee.

This software is developed as an easy-to-use Financial Tool to help users to get their
financial situation back on track and take control of their finances. It shall be advertised
in banking, investment, financial related websites or even market as an open source
package at the beginning to bring users’ awareness of this product. College students,
investors, businessmen, computer users from all levels are encouraged to use this product
as they are our main targeted consumers.

1.2.2 Problem Statement

Nowadays more and more people from younger generations are facing financial
difficulties. Studies have shown that loan payments can take up to more than 20% of your
monthly net income. Some only pay the minimum amount of their bills, while others
work overtime or take a second job in order to cover basic living expenses. Financial
problems can create bigger debts, loss of assets (housing, business), and a bad credit
record. While bad money management can make you miserable, you can lead a happier
life if you manage it well.

1.2.3 Future Enhancements

Enhancements can break down to the following aspects:

       Functionality – create Budget Advisor, Auto Loan Calculator, Currency
       Usability – develop a web-based version so end users can access their financial
        data at remote locations.
        Reliability – Encryption methods shall be utilized to protect the confidentiality of
         users’ financial data and records.

1.3 Summary of System Features

         MIRA’s basic functionalities are as follows:

        Mortgage Calculator – allows the user to calculate his mortgage, as well as
         analyze it to see how one can save in interest, while at the same time reducing the
         time it takes to pay off one’s mortgage.
        Investment Calculator – allows the user to calculate how much the investments
         will be worth some time in the future. User would enter the initial invested
         amount, regular saving, period, interest rate, annual inflation, etc in order to
         calculate the investment value.
        Retirement Calculator – allows the user to enter some basic information (such as
         number of years/months until retirement, number of years of retirement, average
         interest rate/return, average annual inflation, etc in order to calculate the required

2 Use-Case Models
        The use-case model used in this document to describe MIRA is accomplished
using the ‘fully dressed’ format. Given the nature of the system, it is empirical to
enumerate as many details as possible about the system for completeness and ensure it
conforms to functional requirements.

The relations between actors and their goals are represented as follows:

Actors                         Goals

Having identified the set of ‘actors’, and their respective goals, we continue to map out
the first use case scenario, in which the primary actor is the user.

Use Case UC1:

Revision History

Version                  Date                    Description             Author(s)
Inception Draft          2/23/2008               First draft. Will be    Ada Chan
                                                 revised during the      Julio
                                                 elaboration phase       Syed

Term        Definition and Information                  Aliases
Balance     The amount of the loan still owing
Interest    A cost of borrowing money, computed as a
            fraction of the amount owing
Mortgage    A loan in which real estate is pledged as
            security for the loan
Principal   The lump sum borrowed