Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total p
1 answer:
Answer:
Following are the code to this question:
import java.util.*;//import package
public class Main //defining a class
{
public static void main(String[] axc)//main method
{
double Loan_Amount,years,Annual_Interest_Rate=5.0,Monthly_Interest_Rate,Total_Amount,Monthly_Payment;//defining variables
Scanner ax = new Scanner(System.in);//creating Scanner class object
System.out.print("Enter loan amount:");//print message
Loan_Amount = ax.nextDouble();//input Loan_Amount value
System.out.print("Enter number of years: ");//print message
years= ax.nextInt();//input number of years value
System.out.printf(" %-20s%-20s%-20s\n", "Interest Rate", "Monthly Payment","Total Payment");//print message
while (Annual_Interest_Rate <= 8.0) //use while loop to calculate Interest rate table
{
Monthly_Interest_Rate = Annual_Interest_Rate / 1200;//calculating the interest Rate
Monthly_Payment = Loan_Amount * Monthly_Interest_Rate/(1 - 1 / Math.pow(1 + Monthly_Interest_Rate,years * 12));//calculating monthly payment
Total_Amount = Monthly_Payment * years * 12;//calculating yearly Amount
System.out.printf("\t %-19.3f%-19.2f%-19.2f\n", Annual_Interest_Rate,Monthly_Payment,Total_Amount);//use print meethod to print table
Annual_Interest_Rate = Annual_Interest_Rate + 1.0 / 8;//use Annual_Interest_Rate to increating the yearly Rate
}
}
}
Output:
Please find the attached file.
Explanation:
In this code inside the class, several double variables are declared in which the "Loan_Amount and years" is used for input value from the user-end, and another variable is used for calculating the value.
In this code a while loop is declared that checks the "Annual_Interest_Rate" value and creates the interest rate table which is defined in the image file please find it.
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