Question

Define Loan Class – Add to your project. And write program in main method to test it. Note: Assume year is number of years, rate is the annual interest rate and P is principle is loan amount, then the total payment is Total payment = P *(1+ rate/12)^ year*12; Monthly Payment = TotalPayment/(year*12); java

Answer 1

import java.util.Scanner;

public class Loan {

    public static void main(String[] args) {
        Scanner in = new Scanner(System.in);
        System.out.print("Enter loan amount: ");
        double P = in.nextDouble();
        System.out.print("Enter annual interest rate: ");
        double rate = in.nextDouble() / 100;
        System.out.print("Enter number of years: ");
        int years = in.nextInt();

        double totalPayment = P*Math.pow(1+(rate/12), years*12);
        double monthlyPayment = totalPayment / (years * 12);
        System.out.printf("Total payment is $%.2f\n", totalPayment);
        System.out.printf("Monthly payment is $%.2f\n", monthlyPayment);
    }
}