Loan(String loanNum, String lastName, double loanAmt, int term) {
        this.loanNum = loanNum;
        this.lastName = lastName.toUpperCase();
        
        // validates value of loan amount
        try {
            if (loanAmt > MAX_LOAN_AMOUNT) {
                throw (new InputMismatchException("Loan amount value is over $100,000.00"));
            } else {
                this.loanAmt = loanAmt;
            }
        } catch (InputMismatchException e) {
            System.out.println(e.getMessage());
        }
        
        // sets term default to 1-year loan if loan term is not 
        switch (term) {
            case MEDIUM_TERM:
            case LONG_TERM:
                this.term = term;
                break;
                
            case SHORT_TERM:
            default:
                this.term = 1;
                break;
        }
    }