Question

Develop a java application that meets the following program description:

Answer 1

Answer:

import java.util.Scanner;

public class Appliance

{

public static void main(String[] args) {

   

    final double financingRate = 0.03;

    final int numberOfMonths = 12;

    Scanner input = new Scanner(System.in);

   

    System.out.print("Enter the item you want to purchase: ");

    String itemPurchased = input.nextLine();

    System.out.print("Enter the price for the item: ");

    double purchasePrice = input.nextDouble();

       

       double monthlyPayment = ((purchasePrice * financingRate) + purchasePrice) / numberOfMonths;

       double totalPayment = monthlyPayment * numberOfMonths;

double extra = totalPayment - purchasePrice;

   

System.out.print("You purchased "+ itemPurchased+ "\nYour monthly payment is: "+ (String.format("%.2f",monthlyPayment)) + "\nYour total payment is: "+ (String.format("%.2f",totalPayment)) + "\nYour extra payment is: "+ (String.format("%.2f",extra)));

}

}

Explanation:

- financingRate and numberOfMonths are initialized as constant.

- Scanner object is used to get purchased item and price.

- monthlyPayment is calculated using the given formula.

- totalPayment is calculated by multiplying monthlyPayment and 12.

- extra is calculated by subtracting purchasePrice from totalPayment.

- All the required things are printed out. Be aware that since numbers are required to have two decimal points, String.format("%.2f", variableName) is used.