Question

Write a JAVA program that asks a user to specify the number of months, investment amount and compound interest rate in % (per annum)

• Your program should then print each month, starting balance, interest earned and ending balance

• Your program is not expected to handle more than 5 months

• The balance and ending balance should be printed rounded to 2 decimal places

• You should utilise String.format() to display each line of the output. This function can be used to evenly space the output and also print doubles to a certain precision

• Text written in red below indicates user input

WANTED OUTCOME

Enter number of months: 5

Enter amount: 10

Enter interest rate (%): 6

Month	Opening Balance	Interest	Closing Balance
1	10.00	0.05	10.05
2	10.05	0.05	10.10
3	10.10	0.05	10.15
4	10.15	0.05	10.20
5	10.20	0.05	10.25

Answer 1

import java.util.Scanner;

public class MyClass {
public static void main(String args[]) {
Scanner sc = new Scanner(System.in);
  
System.out.print("Enter number of months: ");
int months = sc.nextInt();
  
System.out.print("Enter amount: ");
double amount = sc.nextDouble();
  
System.out.print("Enter interest rate (%): ");
double r = sc.nextDouble()/12;
double each = amount*r/100, now = amount;
  
System.out.println("Month Opening Balance Interest Closing Balance");
  
for(int i=1; i<=months; i++)
{
  
System.out.print(String.format("%3d %14.2f %14.2f", i, now, each));
now = now + each;
System.out.println(String.format("%12.2f", now));
}
}
}

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