Question #56326

Write a program that lets the user enter the loan amount and loan period in number of years and displays the monthly and total payments for each interest rate starting from 5% to 8%, with an increment of 1/8. Here is a sample run:
Loan Amount: 10000
Number of Years: 5
Interest Rate Monthly Payment Total Payment
5% 188.71 11322.74
5.125% 189.28 11357.13
5.25% 189.85 11391.59
...
7.875% 202.17 12129.97
8.0% 202.76 12165.83

Expert's answer

import java.util.Scanner;

public class Question {

public static void main(String[] args) {

Scanner input = new Scanner(System.in);

System.out.print("Enter loan amount:");

double loanAmount = input.nextDouble();

System.out.print("Enter number of years: ");

int numberOfYears = input.nextInt();

double annualInterestRate = 5.0;

System.out.printf("%-18s%-18s%-18s\n", "Interest Rate",

"Monthly Payment", "Total Payment");

while (annualInterestRate <= 8.0) {

double monthlyInterestRate = annualInterestRate / 1200;

double monthlyPayment = loanAmount

* monthlyInterestRate

/ (1 - 1 / Math.pow(1 + monthlyInterestRate,

numberOfYears * 12));

double totalPayment = monthlyPayment * numberOfYears * 12;

System.out.printf("%-18.3f%-18.2f%-18.2f\n", annualInterestRate,

monthlyPayment, totalPayment);

annualInterestRate = annualInterestRate + 1.0 / 8;

}

}

}

public class Question {

public static void main(String[] args) {

Scanner input = new Scanner(System.in);

System.out.print("Enter loan amount:");

double loanAmount = input.nextDouble();

System.out.print("Enter number of years: ");

int numberOfYears = input.nextInt();

double annualInterestRate = 5.0;

System.out.printf("%-18s%-18s%-18s\n", "Interest Rate",

"Monthly Payment", "Total Payment");

while (annualInterestRate <= 8.0) {

double monthlyInterestRate = annualInterestRate / 1200;

double monthlyPayment = loanAmount

* monthlyInterestRate

/ (1 - 1 / Math.pow(1 + monthlyInterestRate,

numberOfYears * 12));

double totalPayment = monthlyPayment * numberOfYears * 12;

System.out.printf("%-18.3f%-18.2f%-18.2f\n", annualInterestRate,

monthlyPayment, totalPayment);

annualInterestRate = annualInterestRate + 1.0 / 8;

}

}

}

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