Question

Calculate Interest in a Java program.

If you know the balance and the annual percentage interest rate, you can compute the interest on the next monthly payment
using the following formula: interest = balance * (annualInterestRate/1200)

Write a program that reads the balance and the annual percentage interest rate and
displays the interest for the next month.

Create a scanner
Prompt the user to enter a name and create variable for scanner
Prompt the user to enter a balance and the annual percentage interest rate
Create variable double balance for scanner
Create variable double annual for interest rate for scanner

Create variable double interest which is equal to annual for interest rate divided by 1200

Display result of balance

Answer 1

Here is the solution to above problem in Java. Please read the code comments for more information

JAVA CODE

import java.util.*;
public class Main
{
   public static void main(String[] args) {
   //create the Scanner variable
   Scanner sc = new Scanner(System.in);
   //Create variable to take input and result
   double balance,annual,interest;
   //prompt user for balance
       System.out.print("Enter Balance: ");
       balance = sc.nextDouble();
       //prompt user for annual interest rate
       System.out.print("Annual Percentage Interest Rate: ");
       annual = sc.nextDouble();
       //calculate the Interest
       interest = balance *(annual/1200);
       System.out.println("Interest is: " + interest);
      
   }
}