Question

Write a program that computes loan payments. The loan can be a car loan, astudent loan, or a home mortgage loan. The program let’s the user enter theinterest rate, number of years, and loan amount, and displays the monthly andtotal payments. in Java.

COP 2510

Answer 1

SOURCE CODE:

*Please follow the comments to better understand the code.

**Please look at the Screenshot below and use this code to copy-paste.

***The code in the below screenshot is neatly indented for better understanding.




import java.util.Scanner;

public class LoanPayments
{
    public static void main(String[] args) {
        Scanner scanner=new Scanner(System.in);
        // ask the data here
        System.out.print("Enter loan amount: ");
        double loanAmount = scanner.nextDouble();

        System.out.print("Enter interest rate: ");
        double interestRate = scanner.nextDouble();
        interestRate=interestRate/100;

        System.out.print("Enter number of years: ");
        double numOfYears = scanner.nextDouble();

        // Calculate the loan
        double numofMonths=numOfYears*12;
        double monthlyPayment = ( loanAmount *interestRate*(Math.pow((1+interestRate),numofMonths))) / (Math.pow((1+interestRate),numofMonths)-1);
        System.out.println("\nMonthly Payments= "+monthlyPayment);

        // total payments = num of months * monthly payments
        double totalPayments = monthlyPayment * numofMonths;
        System.out.println("Total Payments= "+totalPayments);
    }
}

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SCREENSHOTS:

OUTPUT: