Question

N/B: THE PROGRAMME SHOULD BE WRITTEN IN JAVA LANGUAGE

CS 202

Part 1.
   Create a class called Loan.  An instance of the class can be used to calculate
   information about a bank loan.  
   
   The class should have the following methods:
   
   a. A constructor  that is passed the amount being borrowed, the annual interest
      rate and the number of years for repayment.
      
   b. A default constructor that initializes the amount being borrowed, the annual 
      interest rate and the number of years for repayment to 0.
      
   c. "get" methods (accessors) for the loan amount, the annual interest rate and the 
       number of years for repayment.
   
   d. "set" methods (mutators) for the loan amount, the annual interest rate and the 
      number of years for repayment.
   
   e. A method that calculates and returns the amount of the monthly payment for
      the loan.
      The monthly payment on a loan can be calculated using the following formula:


                             loanAmount * R
      monthly payment =     --------------------
                                        -N
                           1 -  (1 + R )
                        
      R = monthly rate of interest for the loan
      N = number of months to repay the loan
      
   
   
   f. A method that returns the sum of all payments needed to repay the loan.
   
   g. A method that returns the sum of all interest paid on the loan.
   
   
Part 2.   
   Write an application that tests the Loan class.  The program should allow the user to
   create a loan, enter information about the loan and make changes to the amount of
   the loan, the interest rate, and the number of years to repay the loan.
   

Answer 1

Code to copy along with screenshots of code and output are provided.
Please refer to screenshots to understand the indentation of code.
If you have any doubts or issues. Feel free to ask in comments
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Screenshots of "Loan.java" :

Screenshots of "LoanTest.java"

Screenshots of Output :

Code to copy("Loan.java"):

public class Loan {
  
   // member variables
   double amount;
   double annualInterestRate;
   double years;
  
   // default constructor
   Loan()
   {
       // setting all value to 0
       this.amount = 0;
       this.annualInterestRate = 0;
       this.years = 0;
   }

   // constructor that takes 3 arguments
   Loan(double amount, double annualInterestRate,double years)
   {
       // setting values accordingly
       this.amount = amount;
       this.annualInterestRate = annualInterestRate;
       this.years = years;
   }
  
   // get method to return amount
   double getAmount()
   {
       return this.amount;
   }
  
   // get method to return Annual Interest Rate
   double getInterestRate()
   {
       return this.annualInterestRate;
   }
  
   // get method to return number of years
double getYears()
{
   return this.years;
}
  
// set method for setting the amount
void setAmount(double loanAmount)
{
   this.amount = loanAmount;
}
  
//set method for setting Annual Interest Rate
void setInterestRate(double interestRate)
{
   this.annualInterestRate = interestRate;
  
}
  
//set method to set number of years
void setYears(double years)
{
   this.years = years;
  
}
  
// method to return monthly payment
double monthlyPayment()
{
   // calculating monthly interest rate
   double r = (this.annualInterestRate)/12;
  
   // calculating number of months
   double n = 12*this.years;
  
   // amount
   double a = this.amount;
  
   // formula for calculating emi
   double emi = (a * r/100 * Math.pow((1+(r/100)),n)) / (Math.pow((1+(r/100)),n)-1);
  
   // returning emi amount
   return emi;
  
}
  
// function to return sum of all payments needed to repay the loan
double totalPayment()
{
   // calculating total payment
   double totalPay = monthlyPayment()*12*10;

   return totalPay;
}
  
// function to return amount to total Interest to be paid
double totalInterestPayment()
{
   // calculating total Interest
   double totalInterest = totalPayment() - this.amount;
  
   return totalInterest;
}

}

Code to copy("LoanTest.java"):

public class LoanTest {

  
   public static void main(String args[])
   {
   // creating instance of loan
       Loan loan = new Loan();
  
  
       // declaring variables
       double loanAmount = 700000;
   double years = 10;
   double interestRate = 8.5;
  
   // setting value of loan Amount
   loan.setAmount(loanAmount);
  
   // setting value of number of years
   loan.setYears(years);
  
   //setting value of annual Interest rate
   loan.setInterestRate(interestRate);
  
   // displaying loan Amount
   System.out.println("Loan Amount: "+loanAmount);
  
   // displaying no of years
   System.out.println("Years: "+years);
  
   // displaying Annual Interest Rate
   System.out.println("Annual Interest Rate: "+interestRate);
  
   // displaying EMI
   System.out.println("\nEvery Month Payment = "+String.format(" %.2f",loan.monthlyPayment()));
  
   // displaying total amount to be paid
   System.out.println("Total Amount to be paid overall = "+String.format(" %.2f",loan.totalPayment()));
  
   // displaying total Interest to be paid
   System.out.println("Total Interest to be paid = "+String.format(" %.2f",loan.totalInterestPayment()));
   }
  
  
  
}

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